Canadian multi-line insurance broker Navacord has integrated Cyberwrite’s cyber risk quantification tool to enhance its brokers’ capabilities in cyber insurance. The partnership aims to assess financial exposure to cyber threats, provide insights for decision-making, and offer AI-driven cyber insurance analytics. Navacord’s brokers can now quantify financial risks, improve risk profiles, and obtain suitable insurance policies with Cyberwrite’s platform.

Navacord Cyber and Professional Lines vice-president Patrick Bourk highlighted that Cyberwrite enables them to recommend adequate coverage based on clients’ unique technological profiles and share the likelihood and impact of cyber risks in an understandable manner. Utilizing Cyberwrite’s technology, Navacord can generate cyber risk reports for management-level executives, helping clients understand their insurance needs and refine risk management practices.

Cyberwrite’s platform offers real-time data analysis, delivering risk reports in multiple languages for organizations worldwide. CEO Nir Perry emphasized the importance of tailored risk reports for clients, as opposed to generic benchmarking information. Navacord’s commitment to utilizing AI models for cyber risk quantification aligns with their customers’ needs for real-time, tailored insights.

In June, Cyberwrite expanded its collaboration with Markel Europe to enhance underwriting processes, broker support, and cyber risk modeling in Europe. Markel Europe utilizes Cyberwrite’s AI technology to evaluate risks and communicate findings to brokers and clients. Navacord’s adoption of Cyberwrite’s risk quantification tool underscores the industry’s focus on utilizing advanced technology for cyber risk management.

Read more at Yahoo Finance: Navacord adopts Cyberwrite’s risk quantification tool