Making Commercial Insurance Smarter through AI — Phil Edmundson, CEO & Founder of Corvus Insurance
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In our latest episode of the Wharton Fintech podcast, Anchit Gupta (WG’21) is joined by Phil Edmundson, CEO & Founder of Corvus Insurance. Founded in 2017, Corvus is a leading provider of smart commercial insurance products powered by AI-driven risk data. Corvus finished 2020 at a $100M annual premium run rate, capping off a year that was marked by meteoric growth for the company.
In addition to Corvus, Phil is also the Managing Partner of Edmus Ventures where he invests in InsurTech companies including Verifly/Thimble, Wellthie, Agentero, CoverWallet, Openly, and CoPatient.
In this interview, Phil shares:
- The state of the cyber-insurance industry
- Corvus’s core products and services
- Using AI/ML to improve risk management tools
- The biggest challenges facing cybersecurity
- COVIDs impact on cybersecurity and insurance
- Emerging trends in the insurtech industry
About Phil
Phil Edmundson is the CEO & Founder of Corvus Insurance, a leading provider of commercial insurance products powered by AI-driven risk data. Phil has more than 30 years of experience in the insurance industry, serving as Area Chairman for William Gallagher & Associates for more than 34 years. In 2015, he founded Edmus Ventures, where he primarily invested in insurtech companies. Here, he saw the problems facing the insurance and insurtech industries, most notably, that the insurance industry was unable to keep up with emerging cyber risks. This served as his inspiration for founding Corvus Insurance; to help insurance brokers understand, mitigate and prevent cyber risks.
At Corvus, Phil and his team of underwriters, data scientists and engineers develop products that are intuitive, empowering and simple for brokers. The Corvus team gathers and interprets complex data using machine learning and breaks it down into easy to understand formats, such as the Corvus Score, which is an overall assessment of an organization’s IT security. By doing so, they are able to identify gaps in security and inform the underwriting process.
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Did Fintech Save Minority-Owned Businesses in the PPP? With NYU’s Dr. Sabrina Howell
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Frank Rotman, Founding Partner at QED Investors — Past, Present, and Future of Fintech!
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Anish Acharya, General Partner at Andreessen Horowitz — Doubling Down on Fintech
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Ryan Zauk
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Ryan Zauk is an MBA Candidate at The Wharton School, where he runs the Wharton FinTech Podcast. He currently works with the US International Development Finance Corp looking at technology impact investments in developing markets. After graduation, Ryan will join Morgan Stanley’s Menlo Park Office working with the world’s largest technology companies. He has a passion for music, media, and all things FinTech.
You can reach him at rzauk@wharton.upenn.edu or on Twitter.
