LONDON, UK, November 23, 2021 — Everbridge, Inc. (NASDAQ: EVBG), the global leader in Critical Event Management (CEM) and national Public Warning solutions, and Howden, the international insurance broking group, today announced a first-of-its-kind collaboration combining public safety technology with parametric insurance to provide a holistic approach for governments, nongovernmental organizations (NGOs) and charities to address climate risk and resilience.
By bringing together Everbridge technology with Howden’s insurance expertise, response and recovery organizations are equipped to manage the entire lifecycle of a catastrophic event. Everbridge technology supports the preparation for and response to an event, while parametric insurance policies deploy much needed capital to the emergency response effort in the event of a major catastrophe. This creates a mechanism to move capital from where it is traditionally deployed, in the relief phase, into the emergency response phase of the critical event, helping to save more lives and reduce property damage before it happens.
“When a major natural disaster occurs, emergency response teams need access to funds quickly and reliably,” said Charlie Langdale, Head of Climate Risk and Resilience at Howden. “Having pre-arranged finance in place enables those delivering the disaster response to get aid to those who need it, when they need it. Because payment is based on pre-determined triggers, validated by third-party data, parametric policies can pay out almost immediately upon the agreed parameters being hit. Whilst Everbridge’s public warning systems mobilize the people needed to respond to disasters, parametric insurance can mobilize the capital to fund the response. This brings together two critical components of resilience to help those responsible for preventing loss of lives and livelihoods by facilitating a faster, more structured response.”
Parametric insurance pays when a pre-defined event occurs and breaches a pre-agreed figure or index. Examples of perils covered and typical triggers include hurricane (windspeed), flood (height), earthquake (shake intensity), pandemic (number of infections) or cyber (reported data breach).
Everbridge’s CEM technology will be leveraged to power a workflow, including data collection, communications and coordination of the emergency response. This will enable governments, nongovernmental organizations (NGOs) and charities to deploy insurance capital or assets purchased quickly and effectively to support the emergency response, maximizing the impact of the funding dedicated to relief efforts.
Earlier this year, Howden helped to launch the world’s first catastrophe (CAT) bond for volcano-related disasters on behalf of the Danish Red Cross. Ten volcanoes covered by the CAT bond were selected based on the significant humanitarian threat they represent, with at least 700,000 individuals living within 60 miles (100km) radius of a potential eruption. The bond makes use of sophisticated modeling and blockchain technology to raise humanitarian funds in advance, allowing aid to be released quickly and effectively.
“While Everbridge technology helps our customers prepare for and manage critical events, a major catastrophe requires capital to fuel the emergency response,” said Dominic Jones, Senior Vice President of Partnerships & Alliances at Everbridge. “We partner with Howden as they continue to push the industry to look at new innovative ways for customers to address an increasing threat landscape from extreme climate-related disruptions. Together, Everbridge and Howden are providing differentiated solutions for mitigating climate risk and maximizing resilience by using technology and insurance-based capital solutions to help shorten the period of time between a major event occurring and people receiving the funds.”
Everbridge and Howden were in Glasgow together for COP26, as official partners of the World Climate Summit – the Investment COP (7th – 8th November 2021). At the Summit, Howden Group CEO, David Howden, called for collaboration between private capital and the
humanitarian community to create a sustainable new market for funding disaster relief. Everbridge Chief Experience Officer, Dr. John Maeda showcased global examples of the critical advantages of software technology for minimizing loss and damage as organizations adapt to extreme climate events. For more information, refer to Unlocking Climate Change Resilience, Everbridge Newsletter Featuring Gartner®.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
Howden Broking, a leading provider of (re)insurance brokerage, risk consulting and employee benefits advice, is headquartered in the UK and comprises owned businesses across Europe, Asia, Africa, Latin America and the Middle East.
Established in 1994, today Howden employs more than 6,500 people worldwide. Together with network partners aligned to its specialty-led proposition, Howden operates in more than 90 territories.
For more information, please visit https://www.howdengroup.com/
Everbridge, Inc. (NASDAQ: EVBG) is a global software company that provides enterprise software applications that automate and accelerate organizations’ operational response to critical events in order to Keep People Safe and Organizations Running™. During public safety threats such as active shooter situations, terrorist attacks or severe weather conditions, as well as critical business events including IT outages, cyber-attacks or other incidents such as product recalls or supply-chain interruptions, over 6,000 global customers rely on the Company’s Critical Event Management Platform to quickly and reliably aggregate and assess threat data, locate people at risk and responders able to assist, automate the execution of pre-defined communications processes through the secure delivery to over 100 different communication modalities, and track progress on executing response plans. Everbridge serves 8 of the 10 largest U.S. cities, 9 of the 10 largest U.S.-based investment banks, 47 of the 50 busiest North American airports, 9 of the 10 largest global consulting firms, 8 of the 10 largest global automakers, 9 of the 10 largest U.S.-based health care providers, and 7 of the 10 largest technology companies in the world. Everbridge is based in Boston with additional offices in 25 cities around the globe. For more information visit www.everbridge.com
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