Corvus Insurance Videos
Corvus Insurance | Smart Cyber
Corvus Insurance is a specialized cyber insurance provider offering innovative cyber risk management solutions. As a subsidiary of Travelers Insurance, Corvus combines market-leading innovation with proven financial stability. The company’s core products, Smart Cyber Insurance® and Smart Tech E+O® are designed to address the complex and evolving landscape of cyber threats businesses face today.
What sets Corvus Insurance apart is its data-driven approach to cyber insurance. The company leverages proprietary intelligence, which includes millions of data points from claims, public web sources, and the latest cyber threat intel, to provide more accurate risk assessments. This approach enables Corvus to offer policyholders tailored coverage, real-time threat monitoring, and personalized alerts. Additionally, Corvus provides a comprehensive risk management platform called the Corvus Risk Dashboard, which gives policyholders visibility into their security posture, emerging threats, and cybersecurity recommendations. The company also stands out for its collaborative underwriting process, on-demand risk advisory services, and 24/7 incident response support, all of which contribute to a more holistic approach to cyber risk management.
InsurTech For You
Corvus is a commercial insurance company that leverages cutting-edge technology and data to minimize risk and enhance the digital experience for brokers and buyers. Their online platform, called the “Crowbar,” centralizes information, enables self-service policy administration, and provides real-time claims reporting. The Crowbar utilizes data from sensors on buildings and cargo shipments to predict and prevent adverse events, particularly for food and life science companies. It offers business intelligence, powers dynamic loss prevention, and generates risk scores with actionable recommendations. This innovative approach allows clients to easily improve risk management, engage with policies and claims, and ultimately benefit from improved coverage, reduced risk, and lower premiums.
AI-Driven Risk Data
The video features an interview with Phil Edmondson, founder and CEO of Corvus Insurance, which uses AI-driven risk data to provide smart commercial insurance products. Corvus utilizes new software to analyze the IT security of organizations, employing data science and machine learning to predict and prevent cyber insurance claims. Edmondson explains that he started the company out of a desire to make the world safer and frustration with traditional insurers’ lack of software tools for customers. Edmondson discusses the challenges of innovation in mature industries, the importance of venture capital support, and the rapid growth of Corvus, which is driven by increased awareness of cyber risks.
Cyber Insurance Enancements
Corvus Insurance has expanded its cyber insurance offerings to better serve small businesses, which often face challenges securing comprehensive coverage due to limited options and strict underwriting criteria. The company has enhanced its Smart Cyber Insurance® product by increasing coverage limits to $10 million for aggregate covered losses and raising the maximum annual revenue for eligible companies to $5 billion. The move comes in response to the increasing vulnerability of small businesses to cyber threats, particularly ransomware and data theft, as highlighted in the 2024 Sophos Threat Report. Corvus Insurance emphasized that their ability to effectively underwrite across various business segments and sizes, using data and skilled underwriting teams, sets them apart in the market.
Cyber Threat Landscape
In this podcast episode, Ryan Bell, the threat intelligence manager at Corvus Insurance, discusses his role in cybersecurity and the evolving landscape of cyber threats. Bell explains how to research and analyze emerging vulnerabilities, track ransomware groups, and provide actionable intelligence to protect Corvus’s clients. He emphasizes the importance of patching vulnerabilities, implementing multi-factor authentication, and using endpoint detection and response (EDR) systems to enhance cybersecurity. Bell also shares insights on the recent surge in ransomware attacks, particularly those carried out by the Klo group.
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Corvus Insurance
Smart Cyber Insurance
Corvus Insurance
Smart Cyber Overview
Corvus Insurance offers Smart Cyber Insurance®, a comprehensive solution designed to address the evolving landscape of cyber risks. This innovative product combines the financial strength of Travelers A++ paper with cutting-edge underwriting practices and proactive risk prevention services. Information is current as of the date of the document.
Coverage and Limits
- Primary and Excess Cyber risks for organizations with up to $5B in gross annual revenue
- Policy limits up to $10M
- Broad 1st Party & 3rd Party Insuring Agreements
Enhanced Protection
- Contingent Business Interruption with Full Policy Limits
- System Failure coverage
- Cyber Crime and Social Engineering Protection
- Bodily Injury and Media Liability coverage
- Online and Offline Coverage
- Reputational Loss Coverage
- Full Prior Acts
Eligible Risk Classes
Corvus caters to a wide range of industries, including:
- Healthcare
- Retail
- Manufacturing
- Financial Institutions
- Education
- Professional Services
Unique Selling Points
Comprehensive Risk Management
- Personalized cyber threat alerts for all policyholders
- On-call guidance from cybersecurity experts
- Prioritized security recommendations via the Policyholder Risk Dashboard
Flexible Underwriting
- Experienced underwriting team offering hands-on partnership
- Adaptable approach to accommodate complex risks
Claims Expertise
In-house claims team with decades of combined experience
Incentivized Risk Reduction
Retention reduction endorsement, offering a 25% reduction in self-insured retention (up to $25,000) for policyholders who engage with Corvus services
About Corvus
Corvus Insurance, a wholly owned subsidiary of Travelers Insurance, is committed to building a safer world through innovative insurance products. Their Smart Cyber Insurance® and Smart Tech E+O offerings combine broad coverage with proactive risk prevention services, including threat alerts and support from in-house cybersecurity experts.
By leveraging advanced underwriting techniques and providing comprehensive risk management tools, Corvus aims to insure against cyber risks and actively works to prevent cyberattacks. This approach offers policyholders a robust defense against the ever-evolving landscape of digital threats, making Corvus Smart Cyber Insurance® a compelling choice for organizations seeking comprehensive cyber risk protection.
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Corvus Signal
Corvus Insurance
Corvus Signal – Risk Prevention
Corvus Signal: Cutting-Edge Cyber Risk Prevention
Corvus Signal is a comprehensive risk prevention solution designed to help organizations stay ahead of emerging cyber threats. This innovative platform, available at no cost to Corvus policyholders, has been proven to reduce the impact of cyber incidents by 20%.
Key Features and Benefits
Risk Insights
- Personalized threat monitoring and alerting
- Dark web monitoring for early threat detection
- Cyber alerts are delivered directly to your inbox
- Third-party risk reports for vendors and partners upon request
Risk Dashboard
- Centralized access to the latest advice and security recommendations
- Visibility and control over security priorities
- Enables focused efforts on the most critical risks
Vendor Marketplace
- Database of pre-vetted security vendors
- Discounts available for some vendors to Corvus policyholders
Advisory Services
- Partnership-based approach with personalized risk insights
- Access to Corvus’ in-house team of cybersecurity experts
- Guidance available via email, call, or through the Risk Dashboard
Impressive Statistics
- 20% lower frequency and cost of cyber breaches
- 15.5 days average head start before alerted vulnerabilities are exploited
- 3x faster patching, with cyber alerts, sent the same day as the discovery
- Only 12% of researched threats result in alerts, of which 82% are later exploited
Policyholder Journey
1. Introductory Call: Deep dive into policy benefits and IT environment
2. Cyber Advice: On-demand guidance from cyber experts
3. Optimized Spend: Investment recommendations and access to pre-vetted vendors
4. Renewal Prep: Proactive preparation for policy renewal
Corvus Black Services:
- Incident Response Plan Review with Corvus Experts
- Virtual Incident Response Tabletop exercise (two hours)
Corvus Signal offers a robust, data-driven approach to cyber risk prevention. Combining personalized insights, expert guidance, and cutting-edge technology empowers organizations to effectively prioritize their cybersecurity efforts and reduce their vulnerability to emerging threats.
Corvus Insurance
Smart Tech E&O
Corvus Insurance
Smart Tech E&O
Corvus Insurance offers Smart Tech E+O® policies, combining Travelers A++-rated paper with expert underwriting and comprehensive risk prevention solutions. These policies cater to a wide range of organizations, from SMEs to those with $2B in annual revenue.
Smart Tech E&O Features
- Broad Coverage: The policies provide extensive third-party liability coverage for technology services and products and miscellaneous professional liability exposures.
- Cyber Protection: Comprehensive first and third-party cyber liability coverage is included, along with full policy limits for cyber extortion, ransomware, system failure, and contingent business interruption.
- Additional Protections: The policies also cover cybercrime, social engineering, invoice manipulation, and media liability (both online and offline).
Risk Prevention Services
Corvus offers several risk prevention services to all policyholders:
- Personalized cyber threat alerts
- On-call guidance from cybersecurity experts
- Prioritized security recommendations via a Policyholder Risk Dashboard
- A Retention Reduction Endorsement, which can reduce the retention by 25% (up to $25K) for engaged policyholders
Excess Coverage
Corvus also provides follow-form excess coverage, which includes access to their Risk Prevention Services. These services have been shown to reduce the frequency and cost of cyber breaches by 20% for engaged policyholders.
Underwriting and Claims
Corvus emphasizes its hands-on partnership approach, with a team of experienced underwriters and an in-house claims team with decades of combined experience.
Appetite and Eligibility
Corvus targets primary and excess risks, earning up to $2B in gross annual revenue and offering limits of up to $5M. Eligible classes include IT consultants, data analytics firms, IT staffing firms, telecommunication service providers, software developers, digital advertising agencies, and other technology-related businesses.
About Corvus
Corvus Insurance, a wholly owned subsidiary of Travelers Insurance, aims to build a safer world through insurance products that help reduce cyber risk. It offers products in the U.S., the Middle East, Europe, Canada, and Australia. The company operates under various names, including Corvus Insurance Agency, LLC, Corvus Agency Limited, and Corvus Underwriting GmbH.
Corvus Insurance’s Smart Tech E+O® policies offer comprehensive coverage tailored to technology businesses. They combine robust cyber protection with proactive risk prevention services to create a more secure digital environment for policyholders.
What is Cyber Insurance
Cyber insurance is a specialized insurance product designed to protect businesses against the financial losses and disruptions that can arise from cyber-related incidents, such as data breaches, ransomware attacks, and other cyber threats. This type of insurance typically covers costs related to data recovery, legal fees, notification of affected parties, regulatory fines, and business interruption losses. Businesses need cyber insurance to mitigate the financial impact of cyber-attacks, ensuring they can quickly recover and continue operations while minimizing the potential damage to their reputation and customer trust.
What does cyber insurance cover?
Cyber insurance typically covers costs related to data breaches, including data recovery, legal fees, notification of affected parties, and regulatory fines. It may also cover business interruption losses and expenses related to restoring business operations.
Why is cyber insurance important for SMBs?
Small businesses, often with potentially weaker security measures, are prime targets for cyber attacks. Cyber insurance is a crucial tool in managing the financial burden of such attacks, ensuring they can recover quickly and sustain minimal operational disruption.
How is the cost of cyber insurance determined?
Factors such as the size of the business, the industry, the amount and type of data handled, and the company’s existing cybersecurity measures influence the cost of cyber insurance. Higher-risk businesses or those with poor security practices may face higher premiums.
What are the exclusions in a cyber insurance policy?
Standard exclusions in cyber insurance policies include claims related to pre-existing breaches, acts of war or terrorism, and the failure to maintain minimum security standards. It’s essential for businesses to review policy details to understand specific exclusions and limitations.