August 31, 2022
Madhu Tadikonda
New York-based CEO, Corvus Insurance Holdings Ltd.
New York-based president, Corvus Insurance Holdings Ltd.
The next few years will be make-or-break for insurtechs overall. The MGAs that have been able to show superior underwriting and risk-taking performance will separate from the pack. Historically, there are a lot of MGAs that are simply customer acquisition platforms, focused more on top-line growth than on creating long-term value for their capital partners. The MGAs that have a “secret sauce,” leading to outstanding performance — whether that’s around underwriting, pricing or differentiated customer acquisition — will emerge.
One of my main goals is to bring a multidisciplinary approach to cyber, a newer and evolving insurance risk. We are bringing together top insurance executives, data scientists, and leading cybersecurity experts to create solutions. Society is entering a new era of Insurtech 2.0, where success is derived from smart risk-taking, combining insurance expertise with advanced data and technology. Corvus, which has scaled rapidly since its founding, is perfectly positioned to accelerate its growth moving forward. My goal is to remain hyper-focused on our most important goal: tackling cyber risk. Our advanced data-driven underwriting and policyholder engagement have generated industry-leading results for our risk capital partners and other stakeholders. I also want to build on Corvus’ rapid growth and global expansion, and spread our wings and mission even further to create a safer world.
Understanding systemic risk and cyber risk have unfortunately become common challenges. If we are to pave an effective, actionable path forward, we need to make risk easier to comprehend. It’s time for insurance to show its power for good by empowering brokers, underwriters, and policyholders with data-driven, always-on insights and adaptable policies for this increasingly complex and global cybersecurity landscape. We also need to do a better job educating the market that it’s not “insurtech replacing incumbents.” The insurance model has already changed quite a bit in the last five years, and that pattern is likely to continue. An increase in partnerships between traditional insurers and insurtechs is also expected, as both bring something valuable to the table. Talent recruitment and retention is also a challenge at the moment. The insurtech market isn’t immune to the labor pressures many industries are feeling in the current climate.
I had been working for almost 20 years as a consulting and venture investor, focusing on businesses that used data and data science to create competitive advantage. My experience was in consumer finance, mortgage, supply chain, retail price optimization — really everything but insurance. Then I met the CEO and head of property/casualty at AIG. The team was interested in building a data science organization at AIG, and leading that organization for their commercial sector became my first job in insurance. My second was global chief underwriting officer at AIG.
The problems that insurance is trying to solve are incredibly interesting and really have the potential to make the world a better place. Be patient with the jargon and obscure terminology and keep in mind the underlying concepts are more straightforward.
Owning and running a combination bookstore and wine bar.
Philosophy
There is an incredible market opportunity right now for cyber-focused MGAs. When it comes to cybersecurity, what we once knew is no longer relevant anymore. We need to shift from relying on “knowledge” to relying on “learning,” and insurtechs (like Corvus) play a crucial part in this overall process. When understood and leveraged properly, digital tools — specifically risk aggregation — can uplevel the role of underwriters and raise industry performance standards. I am looking forward to using my deep experience in both insurance and data science to continue scaling Corvus’ successful business and demonstrating value for our risk capital partners each and every day, as well as for our brokers and policyholders.
Putting myself in the hands of an amazing Japanese omakase chef. The more courses the better.
Shelby Foote’s Civil War trilogy
Cooking, wine, military history, horseback riding
Any of the Richard Attenborough nature documentaries… great to watch or fall asleep to.
Cooking at a relaxed pace, with music on and a glass of wine in hand, in preparation for a fun evening with friends.
Advertise
Resources
