Everbridge And Brown & Brown Collaborate To Inform Risk Management With Risk Intelligence
Burlington, MA-headquartered Critical Event Management solutions provider Everbridge has announced a partnership with Brown & Brown Insurance, to launch a product that enables property and casualty insurance customers to actively mitigate losses. Using Everbridge’s alerting functionality, customers will be able to identify proactive actions to minimize disruptions and cost, ultimately boosting business resilience.
The new product relies heavily on Everbridge’s risk intelligence data, which the company has steadily built out since its acquisition of NC4 in 2019. In effect, Brown and Brown will be able to alert customers in advance of incoming threats, such as wildfires, flooding, or earthquakes. Assets are geo-spatially mapped within the platform and aligned with certain thresholds; in the event of a potential emergency, communications can then be distributed to impacted parties so contingency plans can be enacted. The benefit for the end customer? Better insights into risk, advanced notifications of threats, and less impact for people and assets.
Major threats to assets include wildfires, flooding, and extreme weather events – symptoms of climate change categorized as ‘physical climate risk’. Climate risk topped the World Economic Forum’s charts for the most severe threats facing humanity in 2022. Insured losses totaled some $130bn globally in 2021, and economic losses reached $343bn; uncharacteristic flooding in Europe in July 2021 alone resulted in insured losses of $13bn.
How should firms react? There are two sides to this coin; leveraging technology to de-risk assets in the near term, and communicating resiliency plans to increasingly interested investors. Growing numbers of firms are already disclosing climate risk plans as a consequence of the growth in TCFD-inspired legislation across territories, including in the UK, New Zealand, and Japan. The SEC revealed its own long awaited proposal on climate risk disclosures on the 21st of March. Firms should consider how they can use technology to mitigate the impact of climate risk and reduce the impact of critical events.