Corvus Insurance

Corvus Insurance

AI-powered commercial insurance solutions for brokers

About Corvus Insurance

Simplify's Rating
Why Corvus Insurance is rated
A-
Rated A on Competitive Edge
Rated B on Growth Potential
Rated A on Rating Differentiation

Industries

Cybersecurity

AI & Machine Learning

Financial Services

Company Size

201-500

Company Stage

Acquired

Total Funding

$156.4M

Headquarters

Boston, Massachusetts

Founded

2017

Overview

Corvus Insurance provides commercial insurance solutions that utilize artificial intelligence to assist insurance brokers in managing complex risks. Their main product, the Corvus Score, evaluates IT security vulnerabilities through a proprietary tool called the Corvus Scan™, allowing brokers to offer tailored pricing and coverage options to businesses. Unlike traditional insurance companies, Corvus focuses on enhancing the broker-client relationship by offering data-driven risk management tools that streamline administrative tasks and provide valuable insights. The company's goal is to make the insurance process more efficient and effective, particularly in sectors like cybersecurity, while maintaining competitive pricing and high service standards.

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Simplify's Take

What believers are saying

  • Increased demand for AI-driven risk assessment tools boosts Corvus's market potential.
  • Rising ransomware attacks heighten the need for Corvus's cybersecurity insurance.
  • Expansion of Tech E&O services presents growth opportunities for Corvus.

What critics are saying

  • New ransomware groups pose significant threats, potentially increasing claims for Corvus.
  • Departure of co-founder Mike Lloyd may lead to increased competition.
  • Rapid fintech growth in Boston could challenge Corvus in attracting tech talent.

What makes Corvus Insurance unique

  • Corvus uses AI to enhance underwriting accuracy and reduce claims costs.
  • The Corvus Score provides a comprehensive measure of IT security for clients.
  • Corvus offers application-free, click-and-bind renewals to streamline broker operations.

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Funding

Total Funding

$156.4M

Above

Industry Average

Funded Over

5 Rounds

Notable Investors:
Acquisition funding comparison data is currently unavailable. We're working to provide this information soon!
Acquisition Funding Comparison
Coming Soon

Benefits

Unlimited PTO

Hybrid Work Environment

Professional Development

Paid Parental Leave

401(k) Company Match

Health, Dental & Vision Insurance

Company News

Coverage
Jan 14th, 2025
Mike Lloyd Launches Pine View Insurance Group

Mike Lloyd, the co-founder and former COO of cyber insurance startup. Corvus Insurance, <i class="fa fa-info-circle company-popover" data-content="h3Corvus Insurance/h3. div

FF News
Aug 23rd, 2024
Global Ransomware Attacks, Demands And Payments Rose In Second Quarter According To Corvus Insurance Cyber Threat Report

Corvus Insurance, a wholly owned subsidiary of The Travelers Companies, Inc., has released its Q2 2024 Cyber Threat Report, Ransomware Season Arrives Early. Featuring data collected from ransomware leak sites, the report identified 1,248 ransomware victims in Q2, the second most the company has recorded in a single quarter.During the quarter, new ransomware groups, including PLAY, Medusa, RansomHub, INC Ransom, BlackSuit and some additional lesser-known factions, led a series of attacks that eclipsed the first quarter of this year by 16% and the second quarter of 2023 by 8%. These new threat actors emerged following the takedown of LockBit and BlackCat by international law enforcement.Ransomware Demands and Payouts on the RiseBased on Corvus data, the Q2 report found that the average ransomware demand reached $1,571,667. That represents a quarterly increase of 102% and the highest figure Corvus has reported since the second quarter of 2022. The average ransom payment also reached a new high of $626,415.According to the research, a company’s backup strategies can impact payouts. Businesses without robust backups are more than twice as likely to surrender to ransom demands during an attack

FF News
Aug 21st, 2024
Top Fintech Companies In Boston 2024

Fintech companies in Boston and the wider fintech industry in the city is undergoing a period of transformative rapid growth and innovation. As a hub for cutting-edge financial technology, Boston is home to a ecosystem of fintech startups and established companies that are reshaping the way digital financial services are delivered.By harnessing the power of advanced technologies, fintech companies in Boston are not only enhancing the accessibility and efficiency of financial services but also setting new standards for customer experience. In this dynamic environment, Boston’s fintech companies are playing a crucial role in driving the future of finance, both locally and globally.Leading fintech companies in Boston range from providers of global payments, small business lenders, digital banks as well as digital voice solutionsFlywire: Flywire are a global payments enablement and software company who combine their proprietary global payments network, next-gen payments platform and vertical-specific software to deliver complex payments for their clients and customers. Flywire recently acquired Invoiced, a SaaS platform that enables B2B finance teams and the “Office of the CFO” to automate the critical order-to-cash process.Forward: Forward Financing are fintech company based in Boston who provide fast and flexible working capital to small businesses in the US that have been underserved by traditional financing options. Forward offers revenue-based financing and deliver an upfront sum of working capital in exchange for a set amount of the business’s future revenue.Stride: Stride are a Boston based outcomes-oriented fintech who offer flexible funding products such as Income Share Agreements and Deferred Tuition Agreements that supplement student loans. Stride and its founder have been recognized by Forbes, Harvard and MIT for their fintech innovations and social impact

VentureBeat
Jun 12th, 2024
How Ai And Llms Are Revolutionizing Cyber Insurance

It's time to celebrate the incredible women leading the way in AI! Nominate your inspiring leaders for VentureBeat’s Women in AI Awards today before June 18. Learn More. Solving the widening cybersecurity insurance gap that drives businesses away from purchasing or renewing policies needs to start with risk assessments based on AI-driven real-time insights. Cyber insurers are focused on helping clients reduce the probability of a breach by continually improving and augmenting cybersecurity strategies. Real-time risk assessments, underwriting improvements, streamlining claims processing, and resilience planning all need to be improved with AI delivering solid gains to each. “It’s reducing claims costs, which reduces insurance premiums. We can give better-preferred pricing and better coverage by ensuring they have good endpoint detection and response (EDR) in place. And that’s the hope to make it more accessible for these smaller organizations and just increase awareness overall

Coverage
May 29th, 2024
Corvus Insurance Doubles Underwriting Offering

Travelers subsidiary. Corvus Insurance <i class="fa fa-info-circle company-popover" data-content="h3Corvus Insurance/h3. div

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