Cyber underwriter Corvus Insurance (Corvus) has added new AI- driven features to its underwriting platform.
These added features will increase the degree of automation of routine tasks in the underwriter’s workflow within the platform ‘Corvus Risk Navigator’.
The Corvus Risk Navigator adds real-time suggestions into the underwriting workflow based on data including firmographics, threat intelligence, claims and peer benchmarking.
Some of the new features have been built with large language models and natural language processing. Workflow efficiencies added to the platform include automated industry verification, automated application intake and instant guideline validation.
Corvus says the new additions will reduce workload on Corvus underwriters, “increasing efficiency while delivering a loss ratio below 40 per cent”.
Mike Karbassi, chief underwriting officer at Corvus, comments: “Corvus aims to equip [its underwriting 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.”
