Navacord Joins Forces with Cyberwrite to Enhance Cyber Insurance Analytics

The partnership provides Navacord’s brokers access to Cyberwrite’s AI-driven cyber insurance analytics platform. Credit: Mdisk/Shutterstock.com.

Introduction

In a significant move to bolster its cyber insurance capabilities, Canadian multi-line insurance broker Navacord has integrated Cyberwrite’s advanced cyber risk quantification tool into its offerings. This partnership aims to empower Navacord’s brokers with essential tools for assessing financial exposure to cyber threats, thereby facilitating informed decision-making for business leaders.

Leveraging AI for Enhanced Risk Assessment

The collaboration grants Navacord’s brokers direct access to Cyberwrite’s AI-driven cyber insurance analytics platform. This platform not only quantifies financial risks associated with cyberattacks but also delivers critical insights into effective risk mitigation strategies.

Key Benefits of the Cyberwrite Partnership

• Improved Risk Profiles: The platform enhances risk profiles prior to the underwriting process, ensuring that clients secure appropriate insurance policies tailored to their specific needs.
• Tailored Risk Reports: Navacord can generate comprehensive cyber risk reports aimed at executive-level management, including CEOs and CFOs, to evaluate the probability and financial impact of cyber incidents.

Expert Insights from Navacord

Patrick Bourk, Vice-President of Cyber and Professional Lines at Navacord, emphasized the importance of this tool:

“Cyberwrite allows us to recommend adequate coverage based on each client’s unique technological profile and exposure. This ensures that clients understand both the likelihood and impact of cyber risks in straightforward terms.”

By utilizing Cyberwrite’s technology, Navacord helps clients refine their risk management practices and better align their insurance needs.

Real-time Data Analysis and Tailored Reports

Cyberwrite’s platform excels in delivering real-time data analysis. It generates risk reports in various languages within seconds, making it operational in over 50 countries. This extensive coverage enhances Navacord’s ability to serve a diverse clientele.

Advanced Insights into Cyber Risks

Cyberwrite’s CEO, Nir Perry, highlighted the platform’s capacity for personalized reporting:

“Cyberwrite empowers Navacord’s brokers to assist their clients in quantifying exposures and obtaining tailored policies, moving beyond generic benchmarking information that can often be misleading.”

This focus on real-time, bespoke insights directly aligns with current customer needs.

Expanding Collaboration in Cyber Risk Management

Earlier in June, Cyberwrite fortified its collaboration with Markel Europe to enhance underwriting processes and broker support. This strategic move leverages Cyberwrite’s AI technology to help underwriters assess risks effectively and communicate valuable findings to brokers and clients alike.

Conclusion

Navacord’s partnership with Cyberwrite marks a significant advancement in the cyber insurance landscape. By harnessing AI and detailed risk assessment tools, Navacord is setting a new standard in empowering brokers and clients to navigate the complexities of cyber threats. This collaboration reflects a growing trend toward utilizing cutting-edge technology in the insurance sector, ultimately aiming to safeguard businesses more effectively against the evolving landscape of cyber risks.

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Keywords:

• Cyber insurance
• Cyber risk quantification
• Cyberwrite
• Navacord
• AI-driven analytics

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