CFC, the specialist insurance provider and pioneer in emerging risk, has expanded its suite of products for financial institutions with the launch of a new solution built specifically to cover the risks faced by organisations operating in the fintech space.
“The last decade has seen more progress in finance technology than the past hundred years. The proliferation of mobile technology and cutting edge innovations like artificial intelligence are ushering in new ways of doing business in the financial industry, and a host of exciting new companies have emerged – all looking to revolutionise the financial world,” says CFC’s financial institutions practice leader, Neil Beaton.
“But with any revolution comes new risk. Traditional financial institutions insurance products will not necessarily provide cover for technology related exposures. Likewise, policies for technology companies will often overlook or specifically exclude exposures relating to financial services or advice. Our new product knits together a wide range of essential insurance lines that fintech companies need into a single comprehensive package.”
CFC’s solution includes E&O, covering both aspects of financial and tech liability, D&O, crime, cyber and EPL and can tailor the definition of professional services as this new breed of companies expand and converge traditional financial services. Policies cover claims made anywhere in the world as standard.
Additional D&O limits are available to cover non-executive directors from personal liability arising from the operations of the organisation. This can help attract talent to the company, providing peace of mind to an individual that they’ll have cover should the initial D&O limit be eroded by a claim.
Equally important given the nature of a fintech’s operations, CFC’s cyber extension helps protect against the financial impact caused by privacy and cyber events and provides crucial access to an experienced incident response team should crisis strike.
And as fintech businesses often need to engage the services of third party sub-contractors, CFC’s policy provides protection against a claim brought against a fintech as a result of any error or admission by a sub-contractor they engage.
Beaton concludes: “This sector is booming and attracting billions in investment globally, but up until now the emerging businesses involved have struggled to find comprehensive cover. Our new product solves that problem and provides them with protection that is fit for purpose not just for today, but tomorrow.”
Supported by a specialist team with nearly two-decades’ experience, CFC’s financial institution products offer a modern solution to the new risks facing financial organisations of all sizes.
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