Highlights:
- Integrating AI enhancements into the Risk Navigator platform by Corvus has led to a more fluid and automated workflow for underwriters.
- Corvus has introduced a novel automated application intake feature that efficiently handles information from diverse insurance applications received through email.
Corvus Insurance Holdings Inc., a company specializing in cybersecurity insurance underwriting, has recently integrated advanced generative artificial intelligence enhancements into its underwriting platform. This addition aims to enhance the speed and efficiency of the quoting process.
Integrating AI enhancements into the Risk Navigator platform by Corvus has led to a more fluid and automated workflow for underwriters. These AI-driven features utilize large language models and natural language processing to streamline industry verification, application intake, and guideline validation tasks.
According to Corvus, incorporating AI enables underwriters to prioritize high-value accounts and broker relationships, improving operational efficiency and revenue growth. The AI functionality automates routine tasks previously carried out manually by underwriters, resulting in enhanced efficiency and quicker quoting. The company asserts that it maintains a loss ratio below 40% due to these improvements.
Corvus has integrated generative AI enhancements into its systems, including an automated industry verification feature fueled by LLMs. This advanced functionality replaces the previously manual process of industry classification validation conducted by underwriters. Instead of conducting extensive research to validate and classify the business industry, underwriters can now rely on the automated industry verification feature for accurate results.
Corvus has introduced a novel automated application intake feature that efficiently handles information from diverse insurance applications received through email. Powered by natural language processing, this feature eliminates the need for manual data entry and is expected to expedite the underwriting process.
Corvus has incorporated an instant guideline validation feature into its underwriting workflow as part of its AI integration. This tool uses the power of AI to compare application information with a complex matrix of underwriting guidelines. The feature rapidly notifies underwriters if control questions have been answered positively, eliminating the tedious and time-consuming task of manual cross-referencing.
According to Corvus, their utilization of AI technology not only enhances operational efficiency but also increases accuracy. The company asserts that manual processes, such as data entry or industry classification validation, are prone to human error. By introducing AI into their workflows, Corvus aims to minimize these errors and improve the overall accuracy of underwriting decisions.
As observed by Mike Karbassi, the Chief Underwriting Officer at Corvus, the integration of AI functionality aims to redirect the attention of underwriters from routine tasks to more valuable activities. This shift in focus is anticipated to strengthen broker relationships and elevate the overall book value for Corvus.
Karbassia stated, “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.”