Using artificial intelligence for underwriting and risk mitigation helps insurance providers be more efficient and proactive – which is especially important for cyber-related policies, as ransomware payouts top $1.2 billion.
Leading insurance firm Travelers is partnering with artificial intelligence-driven provider Corvus Insurance, an Insight Partners’ portfolio company, to bring cyber-related products and services to Europe, the two companies just announced.
Corvus uses machine learning to gather and analyze a proprietary dataset that helps it quantify cyber risks and deliver optimal pricing and coverage quotes within minutes. Its scanning tool also provides ongoing threat monitoring and alerts, which is particularly important as attacks – including ransomware threats – are on the rise.
“Travelers will find that Corvus’s alerting leads to faster responses and remediation against zero-day vulnerabilities,” Corvus’ chief insurance officer, Lori Bailey, told Insights Distilled. “In fact, the Corvus team often hears from its policyholders that responses are significantly faster than their dedicated cybersecurity vendors.”
Travelers will also have access to a Corvus platform that aggregates risk data and mitigation best practices.
“Commercial insurance is in the early stages of embracing data science and AI to better distribute and underwrite policies,” according to Insight Partners’ managing director Deven Parekh, and Corvus’ technology allows it to improve underwriting, the broker and client experience, and loss prevention.