The 2022 Executives to Watch: Corvus Insurance’s Madhu Tadikonda
Risk & Insurance® sat down virtually with the newly named Corvus Insurance president, Madhu Tadikonda, to discuss his goals and strategies for 2022.
Tadikonda is a 10-year insurance industry veteran, starting his insurance career at AIG serving as chief data scientist and then as global chief underwriting officer.
Before joining the risk management world, he worked in data and analytics.
Tadikonda combines his carrier experience with Insurtech startup know-how, and his interests skew heavily towards data analytics and entrepreneurship.
He founded Archipelago Analytics, an AI-driven data platform designed to digitize large commercial risks, and was a founding executive at bolttech, the world’s largest insurance exchange.
Taking on a new challenge as the first president of Corvus Insurance, Tadikonda is excited about the future.
Not surprisingly, Tadikonda’s strategies center heavily on data. Corvus is powered by AI-driven risk data to produce smart commercial insurance products. He detailed how cyber insurance and how data-driven products can help mitigate risk.
“With cyber, the risks are evolving and the threat vectors are changing every single day – you’ve got to be on top of the data to figure out what those patterns are and how to respond to them,” Tadikonda said.
Since insurance companies are the ones who have the data about historical claims trends and risks, they are uniquely and directly positioned to use this data to help policyholders reduce claim frequency and severity.
This is where an Insurtech like Corvus comes into play – it’s able to analyze data and respond dynamically to market shifts and changing conditions to help policyholders make better risk decisions and drive prices down accordingly.
“That’s what insurance companies are supposed to do. We actually have the claims and loss data to see which things correlate with bad outcomes and better outcomes,” Tadikonda said.
Tadikonda views this as a gamechanger for Insurtechs and the way for new startups to gain market share. He shared an example of finding a bug in a software program that hackers could manipulate.
Through forensic investigations, they identified at-risk policyholders – almost initiating a claim by proactively telling the policyholder they may have been hacked. That proactive approach minimizes future claims and saves money in the long run.
A significant focus for Tadikonda is education and proactive risk management – avoiding a claim before it happens. He views the collaboration between Corvus and its policyholders, brokers, and reinsurers as critical to mitigating risk events.
Using data, Corvus aims to help companies create a safety culture where software security is maintained, open ports closed, gamification used to educate employees, and multifactor authentication is in place – using good cyber housekeeping practices to avoid losses.
Tadikonda is excited for his first year at Corvus, noting the hypergrowth ahead for Corvus as they expand from a company of 200 people to something much larger.
Asked what inspires him, Tadikonda spoke about the future of insurance: “I’m inspired by the opportunity to push forward and make more relevant this hundreds-year old industry that is a critical part of making the economy go and grow. There’s a watershed moment of, is the industry going to stay relevant for the future world and future customer risks or not. It’s incumbent on the industry to be responsive and helpful and be a thought partner in how that evolves.” &