Corvus Insurance Raises $32M, Accelerates Development of Smart Commercial Insurance Products

Corvus Insurance | January 09, 2020

Corvus Insurance Raises $32M, Accelerates Development of Smart Commercial Insurance Products
Corvus Insurance, a leading provider of commercial insurance products built on advanced data science, today announced it has secured $32 million in Series B venture funding. The round is led by Telstra Ventures with participation from Obvious Ventures and existing Corvus investors including .406 Ventures, Bain Capital Ventures and Hudson Structured Capital Management. Marcus Bartram, Partner at Telstra Ventures, will join Corvus's Board of Directors. Corvus leverages unique sets of data which it analyzes with AI techniques to help brokers and policyholders better predict and prevent loss, thereby delivering value to policyholders, brokers, underwriters and reinsurers. With this latest round of funding, Corvus will continue its growth trajectory within existing product lines as well as accelerate the development of new technologies and tools to improve risk management, particularly to meet the needs of larger clients dealing with complex cyber risk.

Spotlight

To examine blockchain’s potential role in insurance, this white paper explores ways the technology can help life insurers simplify death claims processing, a process that requires an already traumatized beneficiary to undergo a time-consuming activity to process basic claims. We examine where a blockchain-based solution can combine the current death registration and the death claims processes into a single, simplified procedure requiring minimum intervention from multiple stakeholders. Apart from focusing on claims processing, the white paper also evaluates through a few representative use cases – how life insurers can adopt and creatively leverage blockchain for automating reinsurance claims, processing subrogation claims payments and ensuring auditability.

Related News

CORE INSURANCE

EY Announced a Partnership with Fadata to Assist Insurance Firms Enhance their Business Performance

EY | July 14, 2021

EY today announced a partnership between Fadata, a leading software provider specializing in core insurance operational platforms, and Ernst & Young LLP (EY UK) to assist insurance companies in driving improved business performance through technology transformation that provides an end-to-end digital experience. The partnership combines EY UK's insurance sector experience and expertise in enabling large-scale business and technology changes with Fadata's core insurance operational technology. EY UK and Fadata teams will use INSIS, Fadata's insurance process platform, to assist insurers in developing flexible and innovative products, bringing them to market faster, and distributing and servicing them via new digital channels. In addition, teams from EY UK and Fadata's INSIS will assist insurance companies in various business areas, including company management, insurance product lifecycle, and customer journey. Insurance companies are under increasing pressure to prioritize technological advancements to promote company growth, enhance operational efficiency, and satisfy industry standards and regulatory requirements. According to NextWave Insurance: personal lines and small commercial, 37% of European customers would switch insurance if they did not provide cutting-edge technology. Insurance businesses can leverage a single platform for the different kinds of insurance services they provide to customers, such as life, pensions, non-life, and health, by working with EY UK and Fadata teams. In addition, the alliance assists insurers in providing scalable and agile platforms, which support broader business benefits for insurers such as cost efficiencies, automating processes to increase productivity, implementing standardized approaches to compliance, and modernizing outdated legacy systems and technology infrastructure.

Read More

NFP today announced the acquisition of HMP Insurance & Pension Advisors Limited (HMP)

Cision PR Newswire | August 18, 2020

NFP, a leading insurance broker and consultant that provides employee benefits, property and casualty, retirement and individual solutions, today announced the acquisition of HMP Insurance & Pension Advisors Limited (HMP). NFP serves clients through more than 260 offices across the United States and 45 international offices across the UK, Puerto Rico and Canada. With the addition of HMP, NFP further expands its reach in Europe and establishes a presence in the growing Irish market.today announced the acquisition of HMP Insurance & Pension Advisors Limited (HMP)

Read More

INSURANCE TECHNOLOGY

Pie Insurance Announces the Launch of Partner API

Pie Insurance | November 10, 2020

Pie Insurance, an insurtech having expertise in laborers' comp insurance for private ventures, today dispatched its API for accomplices. Utilizing Pie's API, accomplices who serve private companies can undoubtedly get a statement without leaving their foundation or site, further smoothing out the way toward helping their customers set aside to 30% on laborers' comp insurance. Accomplices can without much of a stretch alter their incorporation, interfacing with an assortment of endpoints including getting to Pie's craving checker, getting a value sign, or recovering a bindable statement to impart to customers. "Being able to access Pie's application without leaving their own systems means partners are able to provide their small business clients with simple and affordable coverage more efficiently than ever before," said Dax Craig, co-founder and president of Pie Insurance. "We believe opening up our API is an essential step to ensure Pie delivers an automated and easy-to-use workers' comp insurance experience." The present news follows a few advancements dispatched for accomplices in the previous a half year, including Pie's accomplice entryway, which makes it simpler for accomplice operators to present their customers for inclusion and track their status progressively. In September, Pie uncovered computerized tie demands, permitting accomplice specialists to submit solicitations to tie on qualified entries inside the accomplice entryway. The organization additionally declared it developed its accomplice channel to in excess of 1,000 retail and discount offices, speaking to an almost 200% expansion since the start of 2020. Pie's straightforward documentation and basic joining measure empower accomplices to rapidly interface their foundation or site to the API. About Pie Insurance Pie Insurance is modernizing small business insurance by automating the entire coverage experience. Pie's use of advanced analytics enables savings of up to 30% for small business owners on AM Best A- (Excellent) rated workers' comp insurance directly through its website or through partner agents. Since its founding in 2017, Pie has received $188M in funding, grown its gross written premium to over $100M, and partnered with over 1,000 agencies nationwide. Headquartered in Denver, CO and Washington, DC, Pie has been recognized by Intelligent Insurer as an Insurtech Hot 100 and as a top workplace by The Denver Post, The Denver Business Journal, and Built in Colorado.

Read More

Spotlight

To examine blockchain’s potential role in insurance, this white paper explores ways the technology can help life insurers simplify death claims processing, a process that requires an already traumatized beneficiary to undergo a time-consuming activity to process basic claims. We examine where a blockchain-based solution can combine the current death registration and the death claims processes into a single, simplified procedure requiring minimum intervention from multiple stakeholders. Apart from focusing on claims processing, the white paper also evaluates through a few representative use cases – how life insurers can adopt and creatively leverage blockchain for automating reinsurance claims, processing subrogation claims payments and ensuring auditability.