FinTech Insurance

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 contacts

Anthony Rapa

Fintech Subvertical Leader, Financial Institutions & Professional Services – North America

email Email phone +1 212 915 8506

Susan Finbow

Global Head of FINEX Financial Institutions

email Email

Press Release

WTW launches Fintech and Digital Assets Taskforce

Helping clients tackle these complex ecosystems

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

What is 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.

How does Willis help FinTech companies with insurance solutions?

Willis offers a streamlined industry-specific solution called FinTech Plus, which covers key financial and cyber risk exposures under one policy, saving time and costs.

What are the key challenges FinTech companies face when buying insurance?

FinTech companies often struggle with navigating lengthy and time consuming applications and different insurers across multiple mismatched policy wordings. Responding to perceived weaknesses in operational risk or cyber resilience is a challenge for many generalist insurance brokers too.

How can FinTech companies improve their cyber resilience?

Willis provides tools and consulting advice to help FinTech companies bridge the gap between risk and insurance, enhancing their cyber resilience.

What is the process for obtaining FinTech insurance?

The process involves assessing your company's risk profile, filling out a single proposal form, and working with Willis's specialists to find the most suitable coverage.

What are the benefits of using Willis for FinTech insurance?

Willis offers industry specialisation, innovative risk management solutions, and a global team of specialists to ensure optimal renewal outcomes and value from insurance.

Can FinTech insurance cover business interruption due to cyber attacks?

Yes, FinTech insurance can include coverage for business interruption caused by cyber attacks, helping mitigate financial and reputational damage.

We are a FinTech considering an IPO, how can Willis assist?

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.

What compulsory (non-Financial related) insurances do FinTechs need to purchase?

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.

We are a growing FinTech interested in protecting key non-Financial or Cyber related risks. How can Willis assist?

Depending on your specific profile firms should also consider M&A Insurance, HR Insurances , Credit Insurance and Special Contingency Risk (Kidnap & Ransom) Insurance

Disclaimer

WTW hopes you found the general information provided here informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, WTW offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).