Congratulations to Garrett Koehn, President of Northwestern US at CRC Insurance Group and IE Brown Alum 2012 for the development and launch of a breakthrough cyber liability tool, CRC’s Exclusive Benchmark Assessment Report System.
With cybersecurity representing one of the gravest threats to corporate and national security today, Koehn warned, “In 2016, board members of corporations across the globe will demand to know their exposure to cyber threats and decisive plans for insuring against potential damage.”
CRC Industry First
Harnessing the power of big data, CRC’s cyber liability tool for the first time forges benchmarking and historical data to improve the speed and accuracy for determining coverage limits for cyber insurance. In an industry first, Koehn secured exclusive access to Advisen’s twenty thousand plus reports on data breaches. Using total revenue, potential number of records lost, and/or industry classification, the tool empowers CRC brokers to determine first party, third party, and total limits at desired confidence levels instantaneously ensuring limits will deliver on risk tolerance.
A Silicon Valley industry veteran, Koehn has long realized the outsized threat posed by cybersecurity. His IE Brown experience gave him the skills to drive the battle against these attacks at CRC Wholesale Group – one of the largest wholesale providers of insurance in the world. “We innovate and create products otherwise not available in the insurance market to stay at the forefront of our business,” said Koehn. “This process always involves partners with whom we need to negotiate. In the end, arm-twisting doesn’t win. You need to develop a nuanced understanding of the needs and positions of the various parties involved. IE Brown enhanced my ability to see the world through the eyes of those I had to influence and commandeer the resources I needed.”
Brown Mentoring Program
The Brown University International Mentoring Program proved instrumental in Koehn’s development of this tool. “I plugged into Brown’s Alumni services and discovered this high-value internship program available to all Brown graduates,” said Koehn. “I brought on a fantastic undergraduate who completed the computational component of this tool. I was so impressed with the program that we hired another intern who will be starting full-time with us this summer after she graduates.”
The Cardinal Rule – Call Your Insurance Agent!
In the event of a cybersecurity breach, Koehn’s advice to cybersecurity leaders, “Call your insurance company.” He continued, “I recently participated in a breach simulation where companies spent eight million dollars before they got any approvals from their insurance company. They misjudged how the insurer would cover the damage and what they could have gotten covered for free adding another layer of cost and complexity to a crisis situation.”