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Cybersecurity insurer Corvus implements AI enhancements for streamlined underwriting | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

Cybersecurity insurance underwriter Corvus Insurance Holdings Inc. today said it has added generative artificial intelligence enhancements to its underwriting platform to improve quoting speed and efficiency.

The AI enhancements have been integrated into Corvus’s proprietary Risk Navigator platform to provide a more streamlined and automated workflow for underwriters. The AI-driven features introduced by Corvid use large language models and natural language processing to facilitate tasks such as industry verification, application intake and guideline validation.

Corvus claims that the introduction of AI allows underwriters to focus more on high-value accounts and broker relationships, increasing overall operational efficiency and book value growth. The AI functionality automates routine tasks traditionally performed manually by underwriters and is claimed to improve efficiency and allow for faster quoting while maintaining the company’s loss ratio below 40%.

The generative AI enhancements include automated industry verification, a feature powered by LLMs that replaces the process of manual industry classification validation. Manual industry classification validation is a process where underwriters conduct thorough research to verify and classify the industry in which a business operates.

A new automated application intake feature processes information from a wide variety of insurance applications received via email. Using natural language processing, the feature eliminates manual data entry and is said to accelerate the underwriting process.

With the introduction of AI, Corvus has also introduced an instant guideline validation feature. The feature is an addition to the underwriting workflow and harnesses the power of AI to compare application information against a complex matrix of underwriting guidelines. The tool instantaneously informs underwriters whether control questions were answered favorably, eliminating the need for labor-intensive manual cross-referencing.

Corvus claims that its use of AI improves not only operational efficiency but also accuracy. The company argues that manual processes have the potential for human error in tasks such as data entry or industry classification validation. The introduction of AI reduces such errors, improving the accuracy of underwriting decisions.

Mike Karbassi, chief underwriting officer at Corvus, noted that the incorporation of AI functionality aims to shift the focus of its underwriters from routine tasks to high-value activities. The approach is expected to improve broker relationships and enhance book value.

“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,” Karbassia added.

Image: Corvus

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