Fintech Industry Insurance

With extensive experience in both the technology and financial services sectors, Marsh is ideally placed to understand the issues and advise on the appropriate insurance and risk mitigation strategies.

Fintech (short for financial technology) can be defined as technology and innovation being applied to financial services, to improve both customer experience and business operation.  But far from being a sub-sector or niche activity, fintech is permanently transforming the financial landscape.

Australia has rapidly become a leading fintech hub, now ranked sixth in the world and second in the Asia Pacific.[1]

  • 80% of fintechs believe Australian fintechs are competitive on the world stage[2] 
  • Australia saw close to USD$900 million in fintech investment in the first half of 2021[3] and the industry is on track to reach $4 billion[4]
  • Fintech adoption in Australia is growing rapidly with almost 60% of consumers now using the services of at least one fintech company, up from 13% in 2015[5]

With extensive experience in both the technology and financial services sectors — and with large digitally-transforming financial institutions and some of the Australia’s fast-growing fintech companies among our client base — Marsh is ideally placed to understand the issues and advise on the appropriate insurance and risk mitigation strategies. 

Marsh has also partnered with some of the leading associations in this space such as Insurtech Australia to ensure we are at the forefront of emerging risks when supporting our clients on their journey. 

If you would like to discuss your insurance needs further, please contact us.

 


 

 Sources:

1 Findexable 2021 Global Fintech Rankings
2 EY Fintech Australia Census 2021
3 The Pulse of Fintech H1'21, KPMG
4 FinTech Australia
EY Global FinTech Adoption Index

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FAQs

The fintech landscape in Australia continues to evolve. Fintech businesses include disruptors or enablers across a wide range of subsectors such as insurtech, regtech, lending, payments, capital markets, wealthtech and personal finance management, data and analytics, crowdfunding and neobanks. 

Depending on your specific business requirements and risk profile there are a number of specialty insurance products you may wish to consider. These may include: professional indemnity, public liability, directors and officers liability, employers’ liability and cyber liability insurance.

Our specialist fintech team can work with you to determine the optimal coverages for your business to improve your risk resiliency. 

Our people

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Johannes D Veldsman

Head of Growth and Digital | Fintech Practice Leader

  • Australia

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”