Everbridge and Brown & Brown Enter Into a First-of-its-Kind Collaboration to Launch Technology-Enabled Risk Management Solutions for Property and Casualty Insurance Policies

Rhea-AI Summary

Everbridge, Inc. (NASDAQ: EVBG) and Brown & Brown have launched a first-of-its-kind product aimed at enhancing risk management for property and casualty insurance customers. This collaboration leverages Everbridge's Critical Event Management technology to provide advanced alerting and recommendations to mitigate risks before they impact insured properties. An early version is already utilized by a FORTUNE 500 manufacturer for severe weather notifications at over 200 sites. This innovation represents a significant step in proactive risk management strategies within the insurance industry.

Positive

• Launch of a first-of-its-kind product for risk management in property and casualty insurance.
• Utilization of Everbridge's CEM technology demonstrates innovation and capability in proactive risk mitigation.
• Early use of the product by a FORTUNE 500 company highlights market demand and effectiveness.

Negative

• None.

Unique collaboration brings together the global leader in Critical Event Management (CEM) technology with a leading insurance and risk management provider to help enable customers to enrich their actuary modeling with new risk intelligence insights

BURLINGTON, Mass. & DAYTONA BEACH, Fla.--(BUSINESS WIRE)-- Everbridge, Inc. (NASDAQ: EVBG), the global leader in Critical Event Management (CEM) and national Public Warning solutions, and Brown & Brown, a leading insurance brokerage firm and innovative solutions provider, today announced the development of a first-of-its-kind product that helps enable property and casualty insurance customers to benefit from proactive advanced alerting of events that may impact their insured properties, including recommendations on the actions that could be taken to minimize disruption, cost or potential threats to personal safety.

Everbridge and Brown & Brown Enter Into a First-of-its-Kind Collaboration to Launch Technology-enabled Risk Management Solutions for Property and Casualty Insurance Policies (Graphic: Business Wire)

Brown & Brown, one of the top five independent insurance brokers in the U.S., will launch the new product later this year, leveraging Everbridge’s CEM platform to help their customers mitigate critical events before they occur.

“Brown & Brown is unveiling an industry-first product in the property and casualty insurance market that offers a proactive approach to mitigating loss,” said Eric Kasen, President of Brown & Brown, MA. “Everbridge’s unique risk intelligence data allows Brown & Brown to offer our customers advanced notifications to help protect property and people, as well as best practices and recommendations to limit or mitigate impact. We find significant value in being able to provide ongoing engagement with our customers – in advance of, during and after a critical event.”

An early release of this product is already in use by a FORTUNE 500, multi-national manufacturer to notify security managers at more than 200 of its facilities across the U.S. of oncoming severe weather, wildfires, flooding or other events that could impact their operations and people.

“As the market leader in risk intelligence and software for managing critical events, Everbridge is the ideal strategic partner for us to engage in bringing this unique product to market,” continued Kasen. “This offering is the first in a series of innovative technology-enabled products and services being developed through our collaboration with Everbridge, with the goal of introducing a cyber-insurance product soon.”

Today, Everbridge supports more than 6,000 enterprise customers with Critical Event Management (CEM) software applications that automate and accelerate organizations’ operational response to critical events. Everbridge CEM leverages more than 450 out-of-the-box, pre-existing integrations and more than 25,000 risk data sources, for organizations to gain situational awareness, act faster and improve outcomes such as enabling and protecting revenue streams, increasing profitability through expense efficiencies, bolstering brand and reputation, driving operational improvements and fulfilling Duty of Care.

“Brown & Brown will now be able to provide its customers a unique offering that can help to reduce their risk profile,” said Dominic Jones, Senior Vice President of Partnerships & Alliances at Everbridge. “Technology has the power to reshape the insurance industry through applying risk intelligence and situational awareness to what innovative leaders like Brown & Brown can offer their customers. Working together, Everbridge and Brown & Brown can bring differentiated solutions for property and casualty insurance to market, providing a means for helping maintain business continuity and resilience, even before an event occurs.”

About Brown & Brown
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With over 12,000 teammates in more than 300 locations across the U.S. and select global markets, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, please visit bbrown.com.

About Everbridge
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

Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the anticipated opportunity and trends for growth in our critical communications and enterprise safety applications and our overall business, our market opportunity, our expectations regarding sales of our products, our goal to maintain market leadership and extend the markets in which we compete for customers, and anticipated impact on financial results. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the ability of our products and services to perform as intended and meet our customers’ expectations; our ability to successfully integrate businesses and assets that we may acquire; our ability to attract new customers and retain and increase sales to existing customers; our ability to increase sales of our Mass Notification application and/or ability to increase sales of our other applications; developments in the market for targeted and contextually relevant critical communications or the associated regulatory environment; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate; we have not been profitable on a consistent basis historically and may not achieve or maintain profitability in the future; the lengthy and unpredictable sales cycles for new customers; nature of our business exposes us to inherent liability risks; our ability to attract, integrate and retain qualified personnel; our ability to maintain successful relationships with our channel partners and technology partners; our ability to manage our growth effectively; our ability to respond to competitive pressures; potential liability related to privacy and security of personally identifiable information; our ability to protect our intellectual property rights, and the other risks detailed in our risk factors discussed in filings with the U.S. Securities and Exchange Commission (“SEC”), including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 26, 2021. The forward-looking statements included in this press release represent our views as of the date of this press release. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

All Everbridge products are trademarks of Everbridge, Inc. in the USA and other countries. All other product or company names mentioned are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005362/en/

Everbridge:

Jeff Young

Media Relations

jeff.young@everbridge.com

781-859-4116

Brown & Brown:

Eric Kasen

Eric.kasen@bbrown.com

Source: Everbridge, Inc.

FAQ

What is the collaboration between Everbridge and Brown & Brown about?

Everbridge and Brown & Brown have partnered to launch a product that enhances risk management for property and casualty insurance customers using Critical Event Management technology.

When will Brown & Brown launch the new risk management product?

Brown & Brown is set to launch the new risk management product later this year.

What is Everbridge's stock symbol?

Everbridge is traded under the stock symbol EVBG on NASDAQ.

How does the new product benefit insurance customers?

The product provides proactive alerts and recommendations to help insurance customers mitigate risks and protect their insured properties.

What company uses the early version of the new product?

A FORTUNE 500 multinational manufacturer is already using the early version of the new product to notify security managers about potential critical events.