Navacord adopts Cyberwrite’s risk quantification tool
Canadian multi-line insurance broker Navacord has integrated Cyberwrite’s cyber risk quantification tool into its offerings to enhance the capabilities of its brokers in the cyber insurance domain.
The partnership aims to provide tools for assessing financial exposure to cyber threats and to support decision-making for business leaders.
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It gives Navacord’s brokers access to Cyberwrite’s AI-driven cyber insurance analytics platform.
The platform enables the quantification of financial risks associated with cyberattacks and offers insights into risk mitigation strategies.
It also helps to improve risk profiles before the underwriting process and obtaining suitable insurance policies.
Navacord Cyber and Professional Lines vice-president Patrick Bourk stated: “Cyberwrite enables us to recommend to insureds the adequate coverage based on each client’s unique technological profile and exposure, and share in detail the likelihood and impact of cyber risk in a simple-to-understand manner.”
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By GlobalDataUtilising Cyberwrite’s technology, Navacord can generate cyber risk reports for management-level executives such as CEOs, chief financial officers (CFOs) and IT leaders.
These reports assess the probability and potential financial impact of cyber incidents, helping clients understand their insurance needs and refine their risk management practices.
Bourk added: “By using Cyberwrite’s AI-driven reports, our brokers help clients better manage cyber risk with a policy that is right for them as well as the insights for CEOs and CFOs to understand coverage needs.”
Cyberwrite’s platform is capable of real-time data analysis, delivering risk reports in multiple languages for any organisation within seconds, and is operational in more than 50 countries.
Cyberwrite CEO Nir Perry said: “Cyberwrite enables Navacord’s brokers to help their clients quantify their exposures and get the policy they need using a risk report that is tailored to each insured, unlike generic benchmarking information, which is misleading at best and damaging in many cases.
“Navacord’s commitment to utilising AI models for cyber risk quantification aligns perfectly with their customers’ needs for real-time, tailored insights.”
In June, Cyberwrite expanded its collaboration with Markel Europe to improve underwriting processes, broker support and cyber risk modelling in Europe.
Markel Europe employs Cyberwrite’s AI technology to help underwriters evaluate risks and communicate findings to brokers and clients.
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