Alternative Finance Insurance

Comprehensive Insurance Protection for Alternative Finance

The future of SME and micro finance

Alternative finance firms offer a great alternative to traditional lenders. However, whether it is peer-to-peer lending, equity crowdfunding or initial coin offerings, this new area of finance comes with new risks, including those related to integrity, sustainability of operations and consumer protection.

Elmore’s alternative finance insurance is designed to address regulatory guidelines in a clear, cost-effective way, while meeting the requirements of early-stage businesses.

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5 Insurance considerations for firms operating under PSD2

Elmore Alternative Finance Insurance

Alternative finance providers face many risks because of their reliance on digital networks and systems, increasing volumes of data, cloud technology, and outsourced services.

They must also keep up with changing regulations, demonstrate corporate responsibility, and be aware of growing media scrutiny. All of which underlines the importance of effective operational, financial and technology risk management.

Elmore’s insurance solution includes:

Risk Identification – Elmore Review

Support in mitigating risk – Improve you risk management

Arranging risk transfer with PSD2 Insurance – Request an Application Form

Claims support and response – Insurance Claims

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Alternative Finance Companies Insurance Explained

Innovative firms come with inherent risks both to themselves and their customers, so it is essential to have the correct risk management in place as well as insurance coverage.
Key risks facing alternative finance firms include negligence in the delivery of services, a cyber breach, a director’s wrongdoing or fraud.

ALTERNATIVE FINANCE INSURANCE BROCHURE

Elmore Trading Platforms Insurance – Policy Coverage

The following cover can be combined in one policy or offered in separate policies:

Professional Indemnity Insurance (PII)

Claims by customers
Claims for failure of regulated services
Claims for failure of technology
Legal support for regulator actions

Directors & Officers Liability

Claims by regulators
Claims by shareholders
Claims by employees
Claims by other stakeholders

Cyber & Crime
Insurance

Event management
Reputation management
Financial loss incl. fines
Cyber liability

Office & Employee Insurance

Property and equipment
Employers liability
Public liability
Travel insurance

Insurance Programme Management

When alternative finance companies begin to scale, rapid global expansion will require a coordinated approach to insurance acquisition. Thanks to our international network of established insurance partners, Elmore can provide a global insurance programme. If local policies require coordination by a central function, a global programme will allow for better compliance and visibility.

MULTINATIONAL INSURANCE PROGRAMMES

Partner With Insurers – Embedded Insurance

If you have a captive audience and engaged users, consider embedding insurance solutions alongside existing services. This will provide additional value to customers, differentiate your offering, and bring a new income stream to your business.
Elmore provides bespoke and innovative programmes for consumers as well as business users. Get in touch to learn more.

PARTNER WITH INSURERS

Fintech Risk Management

For a fintech to partner successfully with its key stakeholders, it must appreciate the breadth and depth of financial and technology risk management.
In particular, the fintech must understand the operational risks that a stakeholder needs to consider before engaging it.
Observing best practice controls and processes to onboard insurance can improve the overall governance and acceptance of a fintech.
The diagram represents the benefits of mitigating and reducing risk to optimise risk transfer through insurance.

IMPROVE OPERATIONAL RISK