Willis has worldwide experience in insurance broking and risk advisory engagements for FinTech firms which consists of:
- Payment service providers
- Online lending or trading platforms
- Buy Now Pay Later firms
- Insurtechs
- Wealthtechs
- Digital banks
- Financial infrastructure firms
Key challenges in finding suitable FinTech insurance solutions
FinTech companies face several key challenges when it comes to buying insurance with generalists who don't specialise in this sector. These include but are not limited to:
Navigating regulatory uncertainty
The Financial Institutions (FI) sector is highly regulated throughout the world, and FinTech firms operate in this dynamic risk environment where they need to comprehend evolving FI and tech regulations, often across many different jurisdictions. This can create challenges to find insurance policies that adequately cover these risks and equally brokers/risk advisors who understand the solutions that are required.
Managing different proposal forms, insurers and mismatched policy wordings
The FinTech Plus solution is a streamlined industry specific solution for financial and cyber risk exposures, available under one policy. Only one proposal form is required and there is no mismatch of different insurers or multiple confusing policy wordings to navigate through, thus saving you both crucial time and cost to enable you to focus on scaling your business.
Managing cybersecurity threats
As digital-native entities, FinTech companies are highly exposed to cyber risks, including data breaches, operational disruptions, and financial/reputational damage including business interruption. At Willis, our consultants assist in bridging the gap between risk and insurance, and can provide tools/consulting advice that assist in improving your cyber resilience.
E-money institutions and payment institution specific policies
UK & EEA policyholders only: For regulated e-money institutions and payment institutions based in the UK or EEA, there is an insurance solution for safeguarding of your users' funds which provides you with an opportunity to use additional working capital, thus providing you with greater operational efficiencies.
UK policyholders only: APP Fraud Insurance offers a strategic solution to safeguard your institution against these sophisticated scams.
How Willis helps organisations like yours with FinTech risk and insurance solutions
Our industry specialisation and innovative approach ensure that we are here to support you at every stage of your journey to help you achieve your growth ambitions. We offer tailored solutions designed to meet the unique needs of FinTech companies, enabling you to focus on innovation and growth.
FinTech Insurance contact
Key benefits of using Willis for your FinTech insurance needs
Industry specialisation
FinTech firms face complex and evolving risks. Willis has a global team of specialist claims and client advocates, supported by brokers and operational and cyber risk consultants.
Across these specialists there is diversified global experience ranging from ex underwriters, litigators, private practitioners, banking analysts and FinTech risk managers.
We engage with our clients year-round to truly comprehend your business and key risk exposures. With Willis, you will be well positioned to stand out with insurers and maximize value from insurance.
Innovation
Leverage our global approach to managing FinTech clients' risk portfolios for better outcomes, lower costs, and stronger insurer relationships.
We use advanced analytics, including our partnership with Security Scorecard, to provide a clearer picture of emerging risks, enabling smarter, data-backed decisions. This helps keep you ahead of the curve and better prepared for future challenges, ultimately protecting your bottom line.
Frequently asked questions on FinTech insurance
FinTech insurance provides specialised coverage for financial technology companies, addressing unique risks such as cyber threats, regulatory challenges, and operational disruptions. Furthermore, general insurance policies may not adequately provide the most appropriate coverage and specialised insurance helps manage these risks effectively.
Depending on your specific profile firms should also consider M&A Insurance, HR Insurances , Credit Insurance and Special Contingency Risk (Kidnap & Ransom) Insurance
At Willis, we cover the entire value-chain across the FinTech sector and understand the key risks going from private to public. You may consider specific Public Offering Securities Insurance (POSI), which our FinTech team has extensive experience in designing, advising and placing of. Equally, pre/post IPO executive remuneration strategies to ensure effective attraction and retention may be a critical risk on your agenda and WTW has a specialist team who can support you.
Outside of the policies stated on this page, compulsory insurances commonly referred to as General Lines may be required, depending on your location. These include Employers Liability (or Workers Compensation in the US/Australia), General/Public Liability, Property Damage and possibly Personal Accident / Corporate Travel and Auto Liability/Motor Fleet insurances.
FinTech Insurance