Fintech
Insurance
Fintechs are changing how we experience banking, investing, and making payments. Digital transformation has enabled transactions on the go from a mobile phone, and the industry is under a fast-paced change with blockchain. While the basic is to comply with PCI to protect consumers, online fraud is a vast exposure; in addition to financial crime, institutions and the agents operating in the financial services are also highly exposed to a potential data breach in case of a cyber attack.
We partner with CFC Underwriting and Lloyd's of London to assist Fintech entrepreneurs in getting protected with solutions beyond Cyber insurance.
Fintech Specialty Insurance combines Cyber, Professional, and Technology Errors and omissions, Directors and officers (D&O), Crime, and Employment practices liabilities in one policy, giving you peace of mind for complex claims such as financial operations losses arising from the malfunction of technology platforms and regulatory penalties for example.
For Fintech entrepreneurs, this is a must-have protection because the solution may require the development of software platforms, the implementation of secure communication networks, and the implementation of innovative applications running on mobile and wearables. This Specialty Insurance includes professional liability, specially designed for technology providers, also called "Tech Errors & Omissions" or "Tech E&O," so if later on, a software vulnerability on your solution is found to be the cause of a cyber incident in your customer, you are covered against potential liabilities for it. The same may happen if your system fails.
Typical Fintech businesses covered
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B2B Trading Platforms
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Digital and Mobile Banking Services
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Digital Lending
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Investment Platforms
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Money Transfer / Payment Services
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Crowdfunding
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P2P Lending
Fintech Insurance
Beyond Cyber Insurance Protection
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Errors & Omissions covering both aspects of financial and tech liabilities in connection with the Fintech solutions being offered
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Additional Directors & Officers (D&O) limit to cover non-executive directors from personal liability arising from the operations of the company
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Crime Insurance coverage in connection with fraud caused by customers and employees
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Employment Practices Liability arising from discrimination and issues with employees
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Cyber Incident expenses, including business interruption and regulatory penalties
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Schedule a free Zoom Meeting consultation to discuss your specific protection needs and insurance requirements. Coverage is subject to underwriting and the terms, conditions and limits of the policy issue, and may vary from Insurer to Insurer.
​Typical Fintech Solutions
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Digital Payments: Technologies that facilitate electronic payments, including mobile wallets, peer-to-peer (P2P) payment platforms, and contactless payments.
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Blockchain and Cryptocurrency: The use of blockchain technology for secure and transparent transactions, as well as the development and use of digital currencies like Bitcoin and Ethereum.
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Lending Platforms: Online platforms that connect borrowers with lenders, often using algorithms to assess credit risk and automate loan approvals.
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Personal Finance Management (PFM): Apps and platforms that help individuals manage their finances, track spending, budget, and save money.
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Insurtech: The use of technology to innovate and improve insurance products, services, and business models.
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Robo-Advisors: Automated investment platforms that use algorithms to provide financial advice and manage investment portfolios with minimal human intervention.
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Regtech: Technology that helps financial institutions comply with regulatory requirements more efficiently and effectively.
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Crowdfunding: Platforms that enable individuals or businesses to raise funds from a large number of people, typically via the internet.
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Digital Banking: Online-only banks or digital branches of traditional banks that provide banking services through digital channels.
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Payment Gateways: Services that facilitate online payments for e-commerce by securely transmitting transaction information between merchants and payment processors.
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Smart Contracts: Self-executing contracts with the terms of the agreement directly written into code, which automatically enforce and execute transactions.
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Wealthtech: Technologies that provide innovative solutions for wealth management, including tools for financial planning, investment management, and retirement planning.