Intro to FinTech insurance
Digital innovation is transforming financial services across the world. New technology and distribution methods are offering customers faster, individually tailored and more accessible financial products.
The insurance industry is on the cusp of a more modernized approach for FinTech businesses. It is now crucial for brokers to advise clients on potential pitfalls in standard insurance policies and source policies tailored to their unique needs.
In the intro you will learn:
What is FinTech?
FinTechs are technology-led financial services companies which provide consumers and businesses with innovative tools and products to manage and control their money, whether it be app-based banking, digital lending, investment platforms, trading platforms or money transfer services.
The need for bespoke insurance
Understanding the unique exposures faced by FinTech businesses as they continue to innovate is key to ensuring the right coverage.
Key exposures for FinTech
FinTech businesses have a unique combination of exposures that don’t fit the typical financial institution (FI). These risks include the ever-evolving regulatory environment, technology failure, cybercrime and more.
A few claims examples involving theft of funds, technology failure, sub-contractor vicarious liability, IP infringement and more.