Aon Broker Carrie Yang Recognized as a 2023 Cyber Power Broker
Carrie Yang, Vice President, Team Leader, Chicago
When a large manufacturer was on the brink of losing the property damage coverage embedded in its policy, broker Carrie Yang stepped in to ensure it had the financial protection it needed.
The entity needs to ensure a specific type of furnace used as part of its manufacturing process so that it remains warm. If the temperature drops too low, the company has to rebuild the whole system to the tune of several million dollars.
The team’s “nightmare” cyber risk scenario would be if an attacker targeted that portion of its operations. Years back, Yang had helped the client craft a solution that included property damage in its cyber insurance policy, but with the hard market, underwriters were pulling back.
“Not a lot of traditional cyber underwriters want to take on that property risk,” the client said. “Carrie was there … and came up with ways that we could get as much property coverage as we could in our tower, which was our ultimate goal for our insurance.”
Yang helped the insured create a captive to self-insure a portion of its cyber exposures for some layers and then worked with carriers to cover the rest. The solution enabled the manufacturer to retain most of its unique property damage cover in its cyber policy.
“She’s got a really, really great sense of what’s happening with the market, and I think she’s got relationships with the underwriters,” the client said. “I can feel very comfortable, wholeheartedly relying on her to tell me honestly what’s happening in the market.”
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they have delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by risk managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.