The human capabilities know no bounds, but at the same time, there remains little that we do better than pursuing growth on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown to become a lot more evident in recent times, and assuming one new insurtech themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.
Corvus Insurance, the leading cyber underwriter powered by a proprietary AI-driven cyber risk platform, has officially launched a set of new AI and NLP-driven features that are to help underwriters using Corvus Risk Navigator in achieving better automation throughout their operation. With the burden of manual tasks dramatically reduced, these new features should be able to bolster quoting efficiency and speed. Beyond that, they will also hope to bring down industry leading loss ratio below an estimated 40 percent. Talk about the stated new features in a bit more detail, we start from an automated industry verification capability, which leverages large language models to basically replace manual research and validation of industry classification. Next up, we have automated application intake. This one focuses on sourcing information from a host of insurance applications. Considering the dominating alternative, so far, has been those manual data entries, the said functionality, in particular, has to make a major difference when it comes down to processing applications in a wholly productive manner. Moving on, we also have an instant guideline validation capability to analyze the application’s contents and figure out whether they comply with the established underwriting guidelines. Such a feature can seamlessly reveal how all the control questions were answered, and given its knowhow in combing through every little detail, it might just eliminate the need for any manual cross-referencing.
“In order to maintain our industry-leading loss ratio, Corvus is focused on building trusted relationships that extend value to all insurance stakeholders, including brokers, risk capital partners, and policyholders,” said Mike Karbassi, Chief Underwriting Officer at Corvus Insurance. “Corvus aims to not only hire the best underwriters in the industry but also to equip the team with technology that automates routine tasks and enables each underwriter to spend more time on activities that drive value for their partners, leading to higher growth and greater book value.”
As for Corvus Risk Navigator platform, it is meticulously designed to install and real-time suggestions into your underwriting workflow based on a matrix of data including firmographics, threat intelligence, claims, and peer benchmarking. Now, owing to the product’s latest features, it can look at evolving into something significantly better down the line.
Founded in 2017, Corvus Insurance has risen up the ranks by building insurance products that are geared towards reducing risk, scaling up transparency across the board, and bolstering policyholders and program partners’ resilience against market risks. The validation for company’s technology, which is powered on the back of advanced data science and solutions like Smart Cyber Insurance® and Smart Tech E+O™, comes from the fact that it currently serves various industry leaders like Crum & Forster, Hudson Insurance Group, R&Q Accredited, SiriusPoint, The Travelers Companies, Inc., and plenty others.
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