CFC, the specialist insurance provider and pioneer in upcoming risk, has enlarged its room of products for financial institutions with the launch of a new solution built accurately to cover the risks faced by organizations operating in the Fintech space.
Neil Beaton CFC’s financial institutions practice leader mentioned that the last decade has been more progress in finance technology than the past hundred years. The expansion of mobile technology and cutting edge innovations like artificial intelligence are accompanying in new ways of doing business in the financial industry, and host of exciting new companies have emerged, all looking to transform the financial world. 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 fail to notice or specifically reject exposures relating to financial services or advice. The company’s new product combines together a wide range of essential insurance lines that Fintech companies need into a single comprehensive package.
Additional Directors and Officers (D&O) limits are available to cover non-executive directors from personal liability emerged from the operations of the organizations. This can help attract talent to the company, providing peace of mind to an individual that they’ll have cover should the initial Directors and Officers (D&O) limit be wasted by a claim. Equal importance is given to the nature of Fintech’s operations, CFC’s cyber extension helps to protect against the financial influence caused by privacy, and cyber events, and provides significant access to an experienced incident responses team should crisis strike. As Fintech businesses often need to engage the services of third party subcontractors, CFC’s policy provides protection against a claim brought against a Fintech as a result of any error or admission by a sub-contractor the company engaged.
Beaton concluded that sector is profitable and attracting billions in investment worldwide, but until now the emerging businesses involved has competed to find comprehensive cover. The new product solves the problem and provides them with protection that is fit for purpose not just for today, but tomorrow. Encouraged by a specialist team nearly two-decades’ experience, CFC’s financial institution products offer a modern solution to the new risks facing financial organizations of all sizes.
