New York | May 02, 2018 – Marsh, a global leader in insurance broking and innovative risk management solutions, in collaboration with Validus Specialty, a leading underwriter of professional liability solutions, announced today the availability of FINTECH Protect, a new efficient, cost-effective financial and professional insurance solution designed to manage US-based fintech companies’ growing risks.
From the time a fintech company is launched it is exposed to a range of risks from external and internal sources that can strain day-to-day operations and threaten the assets of the firm as well as its executives. As the industry grows, not only is the regulatory spotlight on the sector expected to intensify, but evolving cyber and privacy risks also contribute to the increased potential for significant loss.
Traditional insurance forms designed for either the financial or technology industries do not effectively address the full scope of these risks. Piecing together multiple policy forms and insurers is inefficient and can often result in gaps in coverage, higher costs, and unfavorable claims experiences.
FINTECH Protect simplifies the process by offering comprehensive financial protection against management, professional, employment, and cyber liability risks, and broad coverage for direct losses associated with theft, computer crime, extortion, data breach, and technology failure, in one simple solution.
Coverage is available to privately held firms operating in the established and emerging fintech space, including those backed by venture capital and private equity funds, with up to $10 million in primary, blended limits and excess capacity available.
“Fintech companies face increasingly complex risks from several sources, including investors, clients, regulators, competitors, and extortionists, as well as those associated with computer crime, data breaches, and technology failures,” said Tom Orrico, Financial Institutions Practice leader within Marsh’s financial and professional insurance business (FINPRO). “With FINTECH Protect, we are enabling fintech firms to manage risk early in their financing cycle, with a simplified, comprehensive, and cost-efficient insurance solution.”
Cathy Cossu, senior vice president of professional lines at Validus Specialty, added: “Traditional insurance policies do not adequately address the complex and varied risks faced by fintech firms. Working with Marsh, we’ve challenged industry norms by crafting an innovative and market-leading solution specifically tailored to address these complex risk management needs.”