Aon launches landmark risk management solution for financial institutions
Global re/insurance broker Aon has unveiled a new insurance solution for financial institutions (FI) with an initial $100 million of capacity. It is designed to address key operational risks faced by FIs in the current landscape.
The new flagship solution, FI Protect 360, is created in collaboration with several leading London market insurers. It is designed for large and mid-market financial institutions globally, including both traditional FIs and other technology-driven financial businesses.
Aon said technology has become increasingly integral to the financial services industry, creating new and emerging risks. Organisations require new risk mitigation and management solutions that more effectively address new forms of volatility beyond traditional policies.
FI Protect 360 provides insurance coverage that addresses the intersection between technology risks, more traditional risks, and evolving threats such as cyber attacks and progressively more sophisticated frauds.
From its launch, Aon’s FI Protect 360 has access to US$100 million capacity per client, and will blend a number of traditional lines to provide comprehensive cover that reflects the new and evolving needs of FIs.
Daniel Roworth, head of financial institutions in Aon’s Global Broking Centre, said: “We are excited to launch FI Protect 360 for our clients. We believe that this landmark new risk management solution fully understands and reflects the risk taxonomies of modern, technology-driven FIs, and effectively responds to the evolving threats facing them today. We see this as just the start and look forward to further enhancing and improving FI Protect 360 as the risk landscape for FIs continues to shift.”
Working simultaneously with FI and cyber underwriters in the London market, Aon claims its single solution provides seamless cover for professional indemnity, technology, cyber and crime risks, combined with an option for liability cover for FI directors and officers. “The insurance cover is therefore agnostic as to whether the financial service is delivered in person, enabled by technology, or is the technology itself,” the company stated.
“As a unified solution, Aon’s FI Protect 360 is better equipped to handle complex claims more effectively and to reduce significantly the risk of delays in the claims resolution process. The solution also removes the risk of a claim falling into a gap between different policies,” it added.
Alistair Clarke, head of cyber in Aon’s Global Broking Centre, said: “This is a major step forward in offering clients a proposition that moves away from the more siloed approach traditionally taken with individually underwritten policies for different classes of risk. Working closely with the market, we have built, from the ground up, a solution that seamlessly blends traditional classes of cover into a single product.”
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