Willis, a WTW business, has launched FinTech Plus, an insurance solution designed specifically for fintech companies facing challenges related to scale, complexity and regulatory changes.
The solution has been jointly developed over the past 12 months by Willis’ fintech leaders in the UK and the US.
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It is supported by a select group of Lloyd’s syndicates and London-based insurers recognised for their expertise in the sector.
FinTech Plus provides a coverage package that includes directors and officers liability, employment practices liability, professional liability, crime, and cyber event loss and business interruption.
The professional liability coverage encompasses financial institutions professional indemnity and technology errors and omissions.
The coverage does not extend to regulatory fines and penalties unless permitted by law, stated WTW.
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By GlobalDataSpecifically for UK and EEA policyholders, FinTech Plus offers reinstatement for account information service providers and payment initiation service providers in accordance with the Payment Services Regulation 2017 (PSD2).
The policy limits start at GBP/USD/EUR one million for policyholders.
Willis North America fintech industry leader Anthony Rapa said: “FinTech Plus is a testament to our forward-looking approach in FinTech risk management and the strength of our transatlantic collaboration.
“By uniting expertise from both sides of the Atlantic and working with agile, specialist insurers, FinTech Plus is a solution that allows FinTech leaders to innovate fearlessly, with protection designed for how they actually operate.
“Built for C-suite executives, founders and risk professionals – FinTech Plus delivers clarity, confidence and a smarter way to approach risk.”
