Cyber underwriter Corvus Insurance has updated its policy renewal process, including adding an application-free, click-and-bind option.
The cyber updates from Corvus also reduce the time brokers spend on cyber renewals by removing repetitive application questions.
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In addition, it has provided transparency with a customised year-over-year coverage comparison.
Brokers with accounts that will not require an application for renewal will be informed 90 days prior to the renewal effective date. At 45 days prior to the effective date, they will receive the quote with the ability to bind immediately with a click.
“We’re excited to enhance the experience for brokers by streamlining a renewal process that can traditionally be slow and tedious,” said Mike Karbassi, chief underwriting officer at Corvus Insurance. “This is another example of how we’re providing innovative solutions that enable brokers to focus on helping customers and growing their business.”
At the start of 2024, The Travelers Companies (Travelers) concluded the acquisition of Corvus Insurance.
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By GlobalDataAs per the initial announcement in November 2023, the deal was valued at around $435m.
Established in 2017, Corvus utilises proprietary AI technology to offer sales, underwriting, service and support in the cyber insurance sector.
The MGU serves a broad range of clients including wholesale brokers and major retail producers.
It is said to have a strong presence in middle-market excess and surplus business lines.
Corvus’ AI-driven platform is designed to continuously monitor and identify potential vulnerabilities, aiming to mitigate the risk of cyber incidents for policyholders.
Through its platform, the cyber insurer also streamlines the distribution process for insurance agents and brokers.
