How Navacord Canada Uses Cyberwrite to Guide Clients Through Cyber Risk.

Nir Perry

Imran, tell us a little bit about yourself, about Navacord, and then we'll go into how you use Cyberwrite.

Imran Pira

Sure, of course. So Navacord, I lead the Complex Risk Group. I'm based out of downtown Toronto. We essentially deal with multi-line accounts — everything from cyber, professional, and executive lines. We're on the more complex end of the market, so we deal with a variety of clients from different industries, different sizes, and the reason we kind of found ourselves looking for a tool like Cyberwrite was to really help clients understand where they're sitting from a risk perspective and to help guide them on risk transfer strategies.

Nir Perry

What kind of clients typically? What size are they?

Imran Pira

We're using it honestly for everything. It could be a small private company, it could be a large dual-listed mining company. Profile agnostic, I feel like it has the capability to fit small, medium, complex size risk-managed accounts. So really, it has the capability to be nimble across industry, across size.

Nir Perry

And how are you using it? How does it fit into your workflow?

Imran Pira

So we use it in a couple of different ways. One is prospecting — we'll run a Cyberwrite report ahead of a prospect meeting to show them what their risk profile looks like, where they stand relative to peers, and what potential exposures they might have. The second way is we use it in renewal conversations to really help clients understand if their risk profile has changed and whether their limit structures are still appropriate. And then the third way is we use it for client education more broadly. It really helps us guide clients to understand what the risk exposures are based on their profile, and then helps them with risk transfer strategies, limit levels, and such — it really educates them on things they don't know.

Nir Perry

Which part of the report do you use the most?

Imran Pira

The economic impact section — that is where we spend a lot of our time, because a lot of clients don't know what they don't know. So when you put in front of them a dollar value that says here is what your potential loss could look like based on your profile and industry, it really resonates. And when you look at the hypothetical loss portion of the model, I feel like that indicator is an assister for what they're looking to do from a limit perspective. So I think it's a huge part of our value pitch.

Nir Perry

How do you present the report to the client? Do you go through the whole thing?

Imran Pira

It really depends on the client and the situation. We have used a three-hour meeting to run through the 70-page report. We have nipped and tucked three or four different graphs and kind of walked them through hypothetical loss or peer benchmarking. So the report actually can serve a number of different purposes — it can be a very deep technical walkthrough for a risk manager, or it can be a 30-second high-level for a CFO. That flexibility is really important to us.

Nir Perry

Has there ever been a situation in Canada where you tried to run a report and couldn't get output?

Imran Pira

Never, never. The data is so reliant. The system is user-friendly. The moment we are running into sort of a gray area or a unique risk profile, you guys are there to help guide us along with it. So we've never run into a situation where we can't produce output for our client.

Nir Perry

Last question — on a scale of one to ten, how would you rate Cyberwrite?

Imran Pira

Fantastic. I'd give it a 10 out of 10. I feel like that boutique white glove service that you guys provide is really sort of the icing on top of the cake.