Protection for the pioneers
Pressure from regulators, a growing demand for corporate responsibility and increased media scrutiny underline how important it is for challenger banks to have rigorous operational, financial and technology risk management.
In response, Elmore has developed challenger bank insurance that addresses the wide range of risks that these banks face in their day-to-day operations.
Elmore Challenger Bank Insurance
Reliance on networks, systems, data, cloud technology, and outsourced service providers exposes a FinTech to an array of risks.
Changes to regulation, perception to corporate responsibility and increased media attention towards FinTechs have focused the importance of effective operational, financial and technology risk management.
Elmore Challenger Bank insurance
Challenger Bank Insurance Explained
Elmore has carefully designed a comprehensive challenger bank insurance policy that provides all the key types of financial insurance within one policy.
To ensure policy coverage is relevant and up-to-date, we have worked closely with key stakeholders to develop our PSD2 insurance solution and can guide firms on the implications of PSD2 for their business and which types of insurance they need.
Elmore Challenger Bank Insurance – Policy Coverage
The following cover can be combined in one policy or offered in separate policies:
Professional Indemnity Insurance (PII)
- PSD2 PII Endorsement
- Claims by customers
- Claims for failure of regulated services
- Claims for failure of technology
Directors & Officers Liability
- Claims by regulators
- Claims by shareholders
- Claims by employees
- Claims by other stakeholders
Cyber & Crime
- Event management
- Reputation management
- Financial loss incl. fines
- Cyber liability
Office & Employee Insurance
- Property and equipment
- Employers liability
- Public liability
- Travel insurance
Multinational Challenger Bank Insurance Programme Management
When challenger banks scale their operations, especially for rapid global expansion, a coordinated approach is required for insurance. Our worldwide network of insurance partners means Elmore can provide a global insurance programme. A centralised approach supports the requirement for local policies while accommodating global needs and allowing for better compliance and visibility.
Partner With Insurers – Embedded Insurance
With a captive audience and engaged users, why not embed insurance in existing services and offer additional value to customers? This will differentiate your offering and create a new income stream for the business.
Elmore delivers bespoke and innovative programmes for both consumer and business users. Please contact us to learn more.
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.
Challenger Bank Insurance Claims
Elmore’s claims team is committed to the highest standards of service and operational excellence. Our experienced specialists focus on individual product lines and different geographies, and we always follow best practice and due diligence. When needed, we partner with specialised claims consultants to ensure that no matter how complex an insurer’s claims may be, the proper technical expertise is employed to analyse and resolve the loss.
Keeping Your Data Secure
We take cybersecurity very seriously and are one of the few practices in the insurance industry to certify with Cyber Essentials. These controls can significantly reduce the risk of unskilled, but widespread, cyberattacks.