ATLANTA – September 10, 2019 –Beecher Carlson Insurance Services, LLC (“Beecher Carlson”), a specialized large account insurance broker, announced the addition of Advisen cyber loss data to enhance their proprietary CyberSelect™ In-Site Loss Model. CyberSelect™ is Beecher Carlson’s proprietary cyber liability and data breach response policy that offers one of the most comprehensive coverages on the market. By combining Beecher Carlson’s comprehensive modeling capabilities with Advisen’s largest collection of publicly-referenceable cyber loss event data, the CyberSelect™ In-Site model now offers expanded perspectives for companies seeking to model their largest exposures to the loss or theft of confidential personal information and cyber business interruption.
“We continue to see an increase in both the frequency and consequences of cyber-attacks.” states Christopher Keegan, Beecher Carlson’s National Cyber Liability Practice leader. “With cyber business interruption, regulatory fines and ransomware increasing in scope, organizations need to be able to fully assess their risks. CyberSelectTM In-Site with its enhanced capabilities will help ensure that organizations have the most comprehensive understanding of their insurable cyber exposures.”
Beecher Carlson’s Risk Optimization Group has used regression statistical analysis to produce a model that considers the full spectrum of potential cyber-related losses across business interruption, privacy, regulatory, breach response, vendor risk and direct cyber losses including IOT, bricking and supply chain interruption. Risk managers have used the model to justify cyber towers with limits ranging from $50M to well in excess of $500M. Such large limits may be prudent in the era of often underinsured large cyber losses.
“Beecher Carlson’s CyberSelect™ In-Site model enables our clients and prospective clients to identify, quantify, mitigate, and finance their information risks within their divisions, branches, or locations that are the most exposed to information breaches,” explained Andrew Golub, Chief Analytics Officer at Beecher Carlson.
“Brokers are increasingly using Advisen’s loss data to validate their pricing and risk assessment models for cyber risk. Beecher Carlson’s application of our data, though, is rather unique. Andrew and the analytics team have leveraged CyberSelectTM In-Site’s capabilities to generate evidence-based information and boost their model’s output,” added Jim Blinn, EVP Client Solutions at Advisen.
Beecher Carlson’s cyber suite of capabilities now includes a suite of pre-breach services to provide risk managers with tools to educate, measure, and assess cyber risks and implement critical solutions.
About Beecher Carlson
Beecher Carlson is a large account risk management broker that values depth of industry and product knowledge. Operating as a single profit center organized by specialization allows your service team to be structured based on what is best for customer’s business rather than geographic convenience. We go beyond one off transactions and utilize advanced analytics on every program. By quantifying the effects each decision will have on a company’s risk profile, we take the mystery out of buying insurance. This allows us to manage the largest cost of risk – retained losses. Execution on analytical findings is our true differentiator in mitigating losses and affecting process changes. Our collective success is earned by creating the ideal risk management solution for our customers. For more information, go to www.beechercarlson.com.
Beecher Carlson Insurance Services, LLC is a wholly-owned subsidiary of Brown & Brown, Inc. (NYSE:BRO), Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With Brown & Brown’s 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service. For more information, please visit bbinsurance.com.
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