Beazley Adds SME Cyber Product to E-Trading Broker Platform

March 13, 2020

Beazley has made its flagship cyber product, Beazley Breach Response (BBR), available to brokers of small and medium-sized business through the myBeazley platform in the U.S., speeding up the time required to obtain a bindable BBR quote.

The platform has been designed to meet the needs of brokers bringing small and medium-sized business accounts with revenues of less than $100 million to Beazley. Once quoted, brokers can access accounts, update information and bind policies.

myBeazley simplifies the process by paring to the minimum the questions in the online form required to obtain a quote. The form has 13 fields but six of these will normally be prefilled automatically. The system will also clear and reserve the risk for the broker.

In addition, the platform takes the answers keyed in by the broker about the client and generates a pre-filled application which the client can sign and date.

First launched in 2009, Beazley Breach Response has evolved to keep pace with the rapid evolution of cyber risk. The policy provides access to BBR Services, Beazley’s in-house team of breach response experts who have helped clients respond successfully to more than 15,000 cyber attacks and incidents.

Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America and Asia. Beazley manages seven Lloyd’s syndicates and in 2019 underwrote gross premiums worldwide of $3,003.9m.All Lloyd’s syndicates are rated A by A.M. Best.

Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.

Beazley offers coverage in several lines of business, including professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

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