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Expanding FinTech sector needs specialist insurance cover

The FinTech (Financial Technology) sector has seen unprecedented growth over the last decade. Advancements in artificial intelligence, the use of algorithms, evolutions in digitisation including currencies and the explosion of mobile applications has created an evolution in risk exposures, for which conventional insurance is inadequate.

Whilst the pandemic has wreaked havoc to conventional methods of shopping and human interaction, the FinTech industry has embraced new trends in how we live our lives through the use of e-commerce, banking, finance and shopping.

Mobile technology and cutting-edge innovations like artificial intelligence are establishing new ways of doing business with FinTech one of the UK’s most fast-expanding industries which is now worth £11 billion and accounts for 10% of the global market.

FinTech has made a substantial impact on the insurance industry as one of the major hurdles that Fintech start-up companies face is trying to adapt their services to work within established regulations and compliance.

As a result, FinTech companies need to pay particular attention to putting together a comprehensive insurance programme as their position at the cutting edge of technology exposes them to risks requiring specific insurance cover. A FinTech policy should offer coverage for both liability arising from financial services and technology services, as well as management liability, theft of funds and cyber coverage and need to be designed to fill the gap left behind by traditional policies.

W Denis Insurance Brokers delivers specialist FinTech insurance and risk management cover including:

  • Professional indemnity
  • Public liability
  • Employers' liability (EL)
  • Directors and Officers
  • Cyber liability insurance
  • Crime and social engineering

W Denis has experts that can provide competitive solutions for FinTech businesses in the UK, EU or elsewhere internationally. To make an appointment, contact Daniel.moss@wdenis.co.uk

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