CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, today announces the creation of a dedicated fintech team as part of its financial institutions practice.
Since launching its solution built specifically to cover the risks faced by organisations operating in the fintech space in 2020, CFC has seen the volume of submissions increase by more than 100% year on year over the past two years and has grown its fintech book by 100% over the past year. Its cover is trusted by fintech businesses globally and CFC now provides insurance protection to fintechs offering a range of services from digital banking, payments and investments to B2B trading platforms, commercial lending and AI solutions.
“Technology plays an integral role in the global financial infrastructure, whether it is underpinning day-to-day operations or delivering new ways of servicing customers,” says Neil Beaton, Financial Institutions Practice Leader at CFC. “Investments in fintechs have risen sharply with investors pumping more than $200 billion into start-ups and scale-ups alike over the past 12 months and the proliferation of fintech businesses is only going to increase.”
This new CFC team brings together over 40 years experience from underwriters with deep experience of writing technology risks and financial institutions – and is the first of its kind in the London market to purely focus on creating and underwriting insurance solutions for fintech businesses around the world.
Fintech team leader, Hannah Durrant, adds: “Submissions from fintechs are growing month on month, so we felt it important to ring-fence a team to focus solely on this business. These companies face a unique set of exposures brought on by their use of technology and we can offer them market-leading, fit-for-purpose cover and expert underwriting and risk management.”
CFC published its fintech insurance guide last year to help brokers understand this fast growing sector and its unique combination of risk exposures.