Initially started as a Smart Cargo Insurance provider, Corvus pivoted to cyber insurance in mid-2018. Its platform leverages artificial intelligence to more accurately identify and eliminate risks, reducing insurance claims.
As software has become widespread, so has the risk of being exploited by cybercriminals. The global cyber insurance market could be worth more than $7 billion, including $5.3 billion in the U.S alone. The global market is expected to reach more than $20 billion by 2025.
Corvus kicked off 2022 with its acquisition of Tarian Underwriting Limited, a leading cyber underwriting platform, and the hiring of new executive team members to continue expanding its global presence.
Corvus' founder and CEO says that going forward, the focus will be on scaling and increasing the firm's share of the market, taking advantage of advances in generative AI to improve its underwriting performance. Moves like this will put Corvus in a good position to continue its streak of rapid growth in recent years and should strengthen its competitive edge in the crowded and turbulent cyber insurance market.
Steph
Company Specialist at Welcome to the Jungle