Fintech is a rapidly evolving and innovative area, and pressure on fintechs and payment services organisations is at an all-time high to manage regulatory pressures, compliance, client expectations and third party risks.
WTW experts Ben Di Marco and Anthony Kumar provide valuable insights in a short article that illuminates the key challenges for fintech and payment services firms in a hardening insurance market.
Fintechs must confront diverse and multi-layered challenges to adopt a strong risk management approach and understand how these exposures impact their goals and priorities. You may think many risk classes for fintechs are consistent with traditional organisations, but several unique exposures are commonly overlooked.
The article discusses:
Importantly, how can your insurance program not only provide maximum cost benefit but respond to the scope and breadth of the identified key risks and your organisation’s overall compliance benefit? Ben and Anthony suggest the key components of a program and the need to carefully analyse ‘packaged’ coverage to ensure it is fit for purpose particularly where your firm has an AFSL or acts as an authorised representative.
| Title | File Type | File Size |
|---|---|---|
| Fintechs: uniquely exposed | 1.3 MB |
Anthony is a Senior Associate in our Cyber and Technology Risk Practice based in Melbourne. He manages large and complex cyber risks along with financial and executive risk placements for clients.
