Fintech

clay-banks-XvS-uKUoUao-unsplash

The advent of fintech has created a brave new world of risk for its participants. Traditional insurance policies might not be able to keep with the ever-changing needs of fintech businesses. From smart wallets and financial software to next-generation algorithms, our specialist technology insurance team can help you with appropriate insurance solutions to protect your business.

Cyber threat

Simply by the nature of the industry, companies operating in the fintech industry are prime targets for cyber-attacks. Network security, data breaches and denial-of-service attacks. Any of these could have a devastating effect on your business.

Theft of funds

Most fintech businesses deal with a high volume of transactions – fund movements, payments and customer accounts. With the fast growth and use of new technology in the fintech world, more and more businesses are becoming vulnerable to theft of funds – either by an employee or external party.

Technology failure

By its very nature, the heavy reliance on technology for fintech firms makes them vulnerable to disruption if something goes wrong. Failure in the operating technology can leave customers unable to access services and funds, resulting in lost income, lost clients and lost revenue.

man looking at a graph on his laptop

Why do you need specialist fintech insurance?

Operating a business in the world of fintech exposes you to new types of risk. Heavy reliance on data, technology and infrastructure, changes in regulatory structures (including PSD2) and the shadowy threat of cyber-attacks heap unpredictability and uncertainty on any company in this sector. That’s why you need insurance advice from people who understand your sector.

 

What if…

  • Your technology fails, leaving customers up in arms?
  • Your network gets hacked, compromising users’ data?
  • The regulator kicks off an investigation into your activities?
  • A cyber-attack hits your revenues?
  • A hacker tries to extort money from you by threatening a denial of service attack?
  • Your C-suite faces legal action from disgruntled shareholders or investors?

Talk to our specialist technology team for advice you can trust.

Who we support

Fintech is among the UKs strongest and most active start-up sector. Incorporating payment technology, investment apps and lending platform, it’s a high-tech digital industry with complicated risks.

These include payment apps, such as PayPal, that make it easy for us to make payments to friends, family and businesses, instantly and securely.

Platforms that allow both individuals and small business owners to apply for loans from an array of individuals who contribute microloans directly to the applicants.

Technology makes it easy to buy and sell stocks, ETFs and crypto currency from your mobile device – often with little or no commission.

A Payment Initiation Service Provider (PISP) allows payments to be made directly to companies from your bank account, rather than having to use debit/credit cards or through third party providers such as Visa or Mastercard.

AISPs make it possible to view all payment account information from different bank accounts in one place – either online or via an app – and can analyse spending habits.

Software designer looking at data on a laptop

Usual types of cover

The fintech industry faces constant change as technology evolves and new ideas are brought to life. This brings new challenges when it comes to insurance and risk management that traditional policies are often unable to support.

No two organisations are the same and the cyber risks facing technology companies are complex. We take the time to understand what cyber risk looks like in your own organisation and build a tailored insurance and cyber risk management programme.

Directors, company officers and senior managers can be held personally liable for the actions and decisions they make on behalf of the company. D&O can provide cover for legal advice and cover defence costs as well as any compensation costs that arise from an unsuccessful defence.

Key person insurance protects against the loss of profits that could result from the critical illness or death of a key individual, usually a director or the brains behind the business), by paying out a cash sum so that the business can continue to operate. Key person insurance is often required by investors before funding can be secured.

Tech E&O provides liability cover that can help cover costs if your business is deemed responsible for causing damage due to errors, omissions or negligence as a result of the services or products you provide.

Intellectual property (IP) is an intangible business asset that often helps set companies apart from their competitors. IP insurance provides cover for claims alleging infringement of IP rights, including patents, trademarks, copyright and trade secrets.

Man showing colleague work on his laptop

Meet the team

Hanna Beaumont

Partners: Science & Technology

Paul Monaco

Client Director
Elaine lamb

Elaine Lamb

Client Director

Bernice Morris

Client Executive

Hanna Beaumont

Partners: Science & Technology
A fellow of the Institute of Risk Management, Hanna is a specialist in life science insurance, including clinical trials liability. From start-up to IPO and international expansion, she supports clients with advice and specialist insurance programmes to build resilience into their business planning and operations. Working across bioscience, CROs, health tech and pharmaceuticals, Hanna invests significant time working with early-stage enterprises to keep them robust and sustainable through the pressures of high growth.

Paul Monaco

Client Director
Paul has almost 30 years in the insurance industry, 22 years of which has been as an insurance adviser, specialising in providing clients with specialist advice particularly in life science and health tech.

Elaine Lamb

Client Director
Elaine Lamb specialises in arranging seamless insurance portfolios for transatlantic life science and health tech businesses.

Bernice Morris

Client Executive
With 30 years’ experience in insurance, Bernice works with science and tech businesses, developing tailored insurance solutions for start-ups seeking investment to large corporates requiring a global solution. Her clients love her professional approach and quick problem-solving.