Whether you operate a start-up or a mature business, we can help identify affordable FinTech insurance that meets your needs. The financial technology space can be challenging for insurers, therefore it's best you work with a specialist broker.
As a Willis Towers Watson Network Broker, we work with the leading FinTech insurance companies to identify covers such as, professional indemnity (E&O), directors and officers, cyber insurance, crime insurance, and office insurance. Start the process by arranging a call with one of our expert brokers.
FinTech insurance is a selection of covers that offer financial protection against unexpected events, purchased by businesses that use technology to support or enable financial services.
Typically, the covers purchased will include professional indemnity insurance, cyber insurance, directors and officers insurance, crime insurance, and office insurance. Additional covers may include keyperson insurance and business travel insurance.
We work with several insurers which can consider offering insurance protection to fintech’s. We’ve put together the below expert guide to identify what covers are typically purchased, what protection they can offer and some of the challenges.
The purchase of FinTech insurance is best utilised to cover high severity and low frequency events. B2C FinTech models can make obtaining professional indemnity cover challenging for innovative business models, unless the insurer has sufficient claims experience within the financial sector you operate.
Key Person insurance can be arranged to offer protection against major financial harm incurred due to a significant employee passing away or becoming ill.
In a rapidly changing environment, regulations are constantly evolving. Failure to comply with regulations can have serious consequences for both the FinTech and the individuals involved with the business.
Directors’ and officers’ insurance is a key protection purchased by the company for the senior individuals making decisions, as individuals can be held personally liable from claims arising from a variety of sources, including shareholders, regulators, creditors, and employees.
Without a trading history and the stability offered by a stable cash flow, makes identifying startup FinTech D&O difficult. Evidence of a business plan, complete proposal form and cash flow forecast will be required to secure the cover.
We work with a wide range of FinTechs operating in specific niches of the financial services market. Over the years we have developed a specialism in insurtechs, payment gateways / processors and regtech. The driving force behind arranging policy cover will typically be risk mitigation, contractual requirements, or regulatory requirements.
Otherwise known as insurance technology, combines the use of technology and data with offering a service within the insurance sector.
Payment gateways or services will process high volumes of sensitive data that could be stolen and used for fraudulent purposes.
Otherwise known as regulation technology, combines the use of technology and compliance / regulation to create efficiencies.