Corvus Insurance has unveiled an updated policy renewal process aimed at enhancing efficiency and convenience for brokers.
This enhanced process includes an application-free, click-and-bind renewal option for certain accounts, the company said in a release, which would eliminate the need to answer repetitive application questions.
“We’re excited to enhance the experience for brokers by streamlining a renewal process that can traditionally be slow and tedious,” said Mike Karbassi, Corvus’ chief underwriting officer. “This is another example of how we’re providing innovative solutions that enable brokers to focus on helping customers and growing their business.”
Brokers whose accounts qualify for the application-free renewal process will be notified 90 days prior to the renewal effective date, according to Corvus’ release. They will also receive a quote 45 days prior to the renewal, with the option to bind immediately through a single click.
Founded in 2017, Corvus Insurance is a managing general underwriter (MGU) operating in the US, UK and Germany. It describes itself as being “powered by a proprietary AI-driven cyber risk platform” and offers specialised products such as Smart Cyber Insurance and Smart Tech E+O.
Corvus was recently acquired by The Travelers Companies. The deal closed in January and was valued at approximately US$435 million.
“We have forged a strong strategic partnership with the talented team at Corvus over the past year, and we are pleased to officially welcome them to the Travelers family,” Alan Schnitzer, Travelers chair and chief executive, said in a statement about the acquisition.
“With a proven platform and deep cyber underwriting and risk management expertise, Corvus brings to Travelers important cyber capabilities.”
In February, Corvus announced the launch of an enhanced Tech E+O product that offers broader coverage options with support from Travelers.
What are your thoughts on this story? Feel free to share your comments below.
