Beazley announced today that its flagship cyber product, Beazley Breach Response (BBR), will be available to brokers of small and medium-sized business through the myBeazley platform in the US, reducing to less than two minutes 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 $100m to Beazley. Once quoted, brokers can access accounts, update information and bind policies with just a few clicks.
At each stage in the placement process, myBeazley makes the broker’s task simpler, including 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.
Jamie Orye, US focus group leader for Beazley’s private enterprise team, which focuses on small business accounts, said: “Our brokers’ most precious resource is time, and we are determined not to waste it. In myBeazley we have a user-friendly platform that makes it far easier for brokers to obtain access to BBR for their clients. In a matter of minutes, a small business client can be protected with a comprehensive BBR policy combining risk management, incident response and third party indemnity coverage.”
First launched in 2009, Beazley Breach Response has evolved to keep pace with the rapid evolution of cyber risk, which can prove catastrophic if not well handled. 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.