CFC launches new solution covering fintech risks
CFC, a specialist insurance provider and Lloyd's managing general agent (MGA), has launched a new solution designed to cover the risks faced by organisations operating in the fintech space.
The new solution includes errors and omissions (E&O), covering both aspects of financial and tech liability, directors and officers (D&O), crime, cyber and employment practices liability (EPL).
CFC said its products offer a modern solution to the new risks facing financial organisations of all sizes.
“This sector is booming and attracting billions in investment globally, but up until now the emerging businesses involved have struggled to find comprehensive cover. Our new product solves that problem and provides them with protection that is fit for purpose not just for today, but tomorrow,” said Neil Beaton, CFC’s financial institutions practice leader.
Beaton explained: “The last decade has seen more progress in finance technology than the past hundred years. The proliferation of mobile technology and cutting edge innovations like artificial intelligence are ushering in new ways of doing business in the financial industry, and a host of exciting new companies have emerged – all looking to revolutionise 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 overlook or specifically exclude exposures relating to financial services or advice. Our new product knits together a wide range of essential insurance lines that fintech companies need into a single comprehensive package.”