Beazley has enhanced its reputational risk insurance policy by providing artificial intelligence-enabled tools to help policyholders control their corporate brand and reputation more effectively.
Targeted at consumer-facing companies across a range of industries including leisure, hospitality, technology, manufacturing, transportation and healthcare, the new cover is available to globally.
Underwritten by the Custodian Consortium at Lloyd’s led by Beazley, the policy aims to protect insureds through the lifespan of a crisis. Cover includes crisis management services to minimise reputational damage, and business interruption cover that insures against the impact to profitability of a downturn in revenue. The solution now includes a subscription to reputational, ESG and risk intelligence provider, Polecat Intelligence. The platform uses online and social data to assess an organisation’s reputational profile and performance globally, benchmarking these against competitors and peers.
George Beattie, Head of Incubation Underwriting at Beazley, said: “Rising public anger, intolerance and lower trust in authority are contributing to a more volatile reputational environment. The exposure of the public to manipulative social media content compounds the difficulty business leaders have in meeting their fiduciary responsibility to minimise balance sheet risk and to maintain stakeholder value. This solution helps companies in two key ways. Firstly, it provides executives with reputational insights at a time when many companies are the target of stakeholder action relating to perceived failures to act on emerging risks. Secondly, it helps companies to mitigate the risk to profitability posed by reputational crises by paying for loss of profit and providing immediate access to crisis consultancy services.”
The Custodian Consortium, renewed in January 2021, includes participants from the Lloyd’s Product Innovation Facility: RenaissanceRe, Tokio Marine Kiln, Chaucer and Talbot.
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