Account Benchmarking

Helping Underwriters make better pricing decisions
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Corvus is an insurance company with a main focus on cyber insurance, actively helping policyholders to predict and prevent adverse events, as well as supplying the coverage that helps them withstand events when they do happen. Corvus empowers brokers to predict and prevent complex risks. We offer Smart Commercial Insurance policies paired with data-driven risk management tools.


The technical premium generated by the Corvus rating engine often does not match the final price of a policy. Today, Underwriters adjust judgement factors to get to a premium they believe is fair and within the Underwriting Guidelines based on:

  • A target price they were given from a broker Market conditions

  • Risk environment

  • Sold to Target goals (STT)

Underwriters are not given any in-platform context about an acceptable range of prices on any individual account, leaving them to rely on experience and their current understanding of the market and risks to make a judgement on a fair premium price.

Problem Statement: 

Underwriters need more in-platform data to inform pricing decisions, so they feel confident that the quote options they offer have a high chance of binding, and will also maintain a profitable book for Corvus. If we under price, Corvus is potentially open to increased exposure. If we over price we could be losing good accounts (and revenue) that we do want on our books.


As a Cyber Underwriter, I want to be able to easily compare the premium on an account I am quoting to similar accounts that I underwrote in the past, similar accounts worked on by other underwriters, and my STT goals, so that I am confident that the premium I am offering will meet my profitability targets and is also in the right price range based on what my team members are seeing in the market.

There is currently a tool available to Underwriters called a "Sold to Target" (STT) tool. It is very limited in terms of filtering and lives in Excel. We want to use this as a baseline to build something within the Crowbar (Corvus Platform).

In order to make sure our assumption is correct, we plan on interviewing at least 5 Underwriters and doing User Testing to make sure we are building what they need. 


Evidence Supporting the Urgency & Value of the Project


Our risk capital partnership with SiriusPoint is predicated on our loss ratio. The lower the loss ratio of our books, the more Corvus gets paid. Arming our Underwriters with helpful information as they make pricing decisions will help us maintain a profitable book and manage the top line.

If Underwriters are meeting profitability targets more often, then they will be able to send more quotes out and get them approved. This will profit Corvus and help speed up the quoting process while getting more clients.  

We will know this will be successful when Underwriters are hitting the premium more often.


  • Underwriters are empowered to have more informed conversations with brokers about why we’re charging the premium we proposed, 

  • Percentage of accounts bound where premium is at or above the Corvus rating engine premium

  • Bind rate for premium charged above the average

  • STT achievement for bound accounts

  • Number of Underwriters using the Account Benchmarking data


As the Senior Product Designer, I worked within a scrum team of a Project Manager, 2 Engineers and 2 Data Science Analysts.  I was responsible for participating in user interviews and user testing, creating and wireframes to clarify product requirements, creating interactive prototypes, and designing high-fidelity mock-ups for engineers.



Current STT Tool
  • Currently lives in excel

  • Needs to be manually updated every day 

  • Because it doesnt live in the application, Underwriters dont often use this 

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Underwriters are using a spreadsheet to understand how an account they are working on compares to their STT goals and similarly rated accounts. 


  • Need to know the average price per million for each limit option

  • Industry groupings may need to be more granular (i.e. within the umbrella of contractors we might rate one risk class quite differently than another)

  • Tool is not in the CrowBar, so Underwriters are only using it when they are really unsure about where an account should be priced

  • Data has to be updated on a daily basis 

  • Tools to understand look-a-like accounts and STT goals are static and not built into the Underwriter workflow today


  • Walk us through your decision making process when you’re determining what the premium should be for an account (walk through an example account if you have one)

  • When you see the technical premium generated by the Corvus rating engine, what goes through your head?

  • Do you have Sold To Target goals that you’re trying to hit?

  • When you share quote options with a broker, how do you know if the price is competitive?

  • How do you determine if the price will help maintain a profitable book of business? What information might help you in feeling more confident in the prices you’re sharing?

  • Are you aware of the STT and Account Comparison google spreadsheet? If so, do you use it? If not, why not? Can you walk us through how you use that tool?

  • Where does this tool fit into your UW process?

  • Has the tool changed how you priced an account?

  • Which pieces of data are most helpful in giving you the information you need to make a confident pricing decision?

  • Do you use the benchmarking data to reach out to another UW and understand how they priced an account and what the thinking behind that decision was?

  • Is there anything missing from the tool today that you would need or want to further empower you to make confident pricing decisions?

  • Do you like accessing the tool where it is today?



Design Ideas
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Final Product

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