FinTech Plus is a new insurance solution from Willis, a WTW business, designed specifically for FinTech companies. It offers a unified policy that integrates multiple key coverages, offering suitable protection and operational efficiency through insurance placement. Whether you are a Payment Service Provider, Digital Lender, Trading Platform, or another organisation in the FinTech ecosystem, FinTech Plus has been created to meet your insurance needs.
Why choose FinTech Plus?
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Unified coverage solution
FinTech Plus consolidates the following insurance types into a single, unified policy to streamline your insurance management:
- Directors’ and Officers’ (D&O) liability
- Employment practices liability (EPL)
- Professional liability (includes Financial Institutions Professional Indemnity and Technology Errors and Omissions)
- Crime
- Cyber event loss and business interruption
By consolidating these key coverages, FinTech Plus provides an insurance solution that meets the modern needs of various FinTech types.
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Tailored solution
Fit your unique needs with either the complete solution or modular options for targeted coverage, offering flexibility to policyholders to select separate or combined aggregate limits.
Note: It is important to consider the specific needs and potential risks associated with your business before selecting a policy.
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Access to insurance specialists
With FinTech Plus you will be dealing with industry and solution specialists; including experienced brokers, claims advocates and contract advisors, who can explain the insurer product in simplified terms.
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Flexible terms to match FinTech innovation
- Policyholders select limits starting at GBP/USD/EUR 1 million, and their preferred coverage options for each type of insurance.
- Manage one comprehensive policy instead of juggling multiple agreements, documentation, and renewal dates.
- Supported by Lloyd’s syndicates and London-based international insurers.
FinTech Plus policy features
Cyber protection
- Digital threats and data breaches: Safeguards your business against cyber threats and data breaches.
- Business interruption coverage: Replaces lost gross profit and increased costs of working resulting from a cyber event.
Employment practices liability (EPL)
- Protection against employment-related issues: Protects your company and individuals against claims from employment-related issues.
Regulatory investigations protection
- Coverage for both the company and insured persons: Provides protection for regulatory investigations, offering peace of mind. Note: This coverage does not include regulatory fines and penalties unless permissible by law.
Reinstatement for AISPs and PISPs
- In line with PSD2: Offers reinstatement for Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) as per the Payment Services Regulation 2017 (PSD2). Applicable to UK & EEA policyholders only.
Frequently asked questions on FinTech Plus
- Directors’ and Officers’ (D&O) liability: Provides protection to directors, officers, and employees in managerial roles against claims or investigations, arising from actual or alleged wrongful acts in managing a company. This helps attract and retain top talent to your board and executive leadership.
- Employment Practices Liability (EPL): Enhances coverage for employment-related claims, such as unfair dismissal, harassment, bullying, discrimination, and retaliation, protecting both the company and individual employee.
- Professional liability: Offers broad protection for claims related to breach of professional services (including technology failures), including Financial Institutions Professional Indemnity (FIPI), Technology Errors & Omissions/Professional Indemnity (Tech E&O/PI), and third-party liability arising from Cyber related claims.
- Crime insurance: Provides comprehensive protection from direct financial losses due to fraud, including employee infidelity and external frauds relating to computer crime such as social engineering fraud which may or may not involve the use of generative AI.
- Cyber event loss and business interruption insurance: Protects against cyber breaches and business interruption, covering costs such as cyber extortion & advisors, breach response, legal, forensic, IT, credit monitoring, data restoration, card reissuance, bricking, and public relations. It ensures continuity and minimizes financial losses.
Willis provides comprehensive Cyber Event Loss and Business Interruption Insurance to protect FinTechs from the financial and operational impacts of cyber breaches. This coverage includes costs related to breach response management, legal, forensic, and public relations expenses, as well as business interruption losses. Cyber and Professional Indemnity / Errors and Omissions (PI / EO) notifications made up the majority of FinTech claims notified to insurers (43% related to Cyber and 29% related to PI/EO), highlighting the critical need for this coverage*.
*Source: WTW Global Claims database – WTW FINEX notified losses from 2007 to February 2025.
FinTech Plus helps manage and mitigate risks from unforeseen events, thus providing you with critical balance sheet protection year-round. By selecting Willis, you will also have access to a wide array of analytical tools to determine the most suitable coverage for your needs.
Any FinTech size ranging from start up to unicorns and working across any sub-sector. Equally, it is suited to first time buyers to those who are well versed in insurance purchasing.
By taking out comprehensive coverage, you will display a mature risk framework that your prospective or current clients, investors, and suppliers will appreciate. It may also assist in international expansion plans, planning M&A activity and complex contractual obligations.
Whilst FinTech Plus is available for insureds based anywhere including the USA, it is exclusively supported by Lloyd’s syndicates/London-based international insurers and placed by the London broking team.*
* For further details please reach out to any of the contacts stated on this page.
Whilst we endeavour to reply to any new client query within 2 working days, the process for obtaining a firm quote can take several weeks whilst we understand your specific needs and requirements.
