Nationwide has brought on another partner so it can begin automating underwriting appetite communications for thousands of agents. Corvus Insurance updated its cyber underwriting model with enhancements including higher limits for Social Engineering and Cyber Crime coverage for well-protected organizations.
Nationwide said it will use IVANS Markets (a division of Applied Systems) to begin automating underwriting appetite communications to more than 32,000 agents in the IVANS exchange.
Nationwide said that by adding this service it will be able to market its Small Commercial appetite more effectively, quickly reaching agents to drive profitable premium growth.
IVANS Markets provides insurers and MGAs an application to instantly communicate appetite and identify new business opportunities to the IVANS network of more than 32,000 independent insurance agencies. Leveraging this digital channel also reduces dependency on time-consuming, manual steps traditionally used to communicate appetite, IVANS claims.
Corvus Insurance has updated its cyber underwriting model to reward highly protected organizations with higher limits for Social Engineering and Cyber Crime coverage.
The provider of AI-driven commercial insurance said its Smart Cyber Insurance coverage will be automatically enhanced for policyholders who use email authentication services and have other email security characteristics, as identified by the Corvus Scan.
Social Engineering and Cyber Crime coverage includes coverage for losses due to activity like phishing, spear phishing, and other forms of criminal deception, which often take place via email.
The Corvus Scan is a proprietary technology that assesses any organization’s cyber risk posture in minutes. The results of the scan inform Corvus’s program for helping brokers and policyholders better understand and mitigate risk and also the underwriting of Corvus’s Smart Cyber Insurance policies. With this update, the underwriting model will offer limits up to $1 million to those organizations identified by the Corvus Scan as having taken the most effective steps to reduce the risk of a social engineering attack.
Boston, Mass.-based Corvus Insurance launched in 2017, and its founders are veteran entrepreneurs from the insurance and technology industries. It is backed by Bain Capital Ventures, Hudson Structured Capital Management, and .406 Ventures.
Sources: Nationwide, Corvus Insurance