Fintech companies face complex and varied risks created by their increased use of technology and data in the delivery of products and services previously provided by traditional financial services firms. As the fintech industry continues to grow, the regulatory spotlight on the sector is expected to intensify. Fintech companies, currently subject to some of the same consumer and investor protection regulations as traditional financial institutions, must balance compliance requirements with the need to innovate, grow, and develop new products. Cyber and privacy risks can also contribute to significant economic loss and reputational damage.
FINTECH Protect is a fast, easy, and cost-effective insurance solution that can simplify this process and enable fintech companies to manage evolving strategic, operational, and regulatory risks. Created by Marsh’s FINPRO Practice and Validus Specialty, it provides 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.
FINTECH Protect effectively addresses critical financial and professional risks under one comprehensive policy, subject to a streamlined underwriting process. It offers broad, proprietary policy wording design to address the varied and dynamic risks of privately held fintech companies, including those backed by venture capital and private equity funds.
In addition to coverage under the policy, FINTECH Protect offers clients access to risk expertise and innovation, including highly experienced brokers and underwriters with unmatched industry-specific knowledge and product expertise. Marsh clients can also benefit from industry-leading data, analytics, risk identification and quantification tools to support risk strategic and decision-making. And in the event of a loss, we offer:
- Responsive advocates with the expertise and knowledge to mitigate and resolve even the most contentious and complex claims.
- Access to a panel of pre-approved service providers to help respond to a data privacy incident or network intrusion.
- Access to a panel of pre-approved law firms to help defend against costly litigation.