Protection for the pioneers
Changes to regulation, perception to corporate responsibility and increased media attention towards Embedded Finance sector have focused the importance of effective operational, financial and technology risk management.
Elmore’s Embedded Finance insurance is designed to address the wide range of operational risks that a Embedded Finance platform can experience in its day to day operations.
The Elmore Embedded Finance Insurance solution:
Embedded Finance Insurance Explained
Elmore has carefully designed a broad and comprehensive Embedded Finance Insurance Policy providing under one policy all the key financial insurances.
To ensure policy coverage is kept up-to-date, Elmore has been actively engaging with key Embedded Finance stakeholders in developing a solution for the insurance requirements for both principal and agent risk and is well positioned to guide firms on the implications of operational risk events for their business and the suitable insurances that are required to be in place.
Elmore Embedded Finance 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
Cyber & Crime Insurance
- Event management
- Reputation management
- Financial loss incl. fines
- Cyber liability
- Claims by regulators
- Claims by shareholders
- Claims by employees
- Claims by other stakeholders
Office & Employee Insurance
- Property and equipment
- Employers’ liability
- Public liability
- Travel insurance
Multi-National Embedded Finance Insurance Programme Management
In the scale up of a Embedded Finance, rapid global expansion requires a coordinated approach to Insurance acquisition. Elmore’s established offices in the UK and EU and network of established insurance partners around the world a succinct Global Insurance Programme offering. With the requirement to have local policies while being coordinated by one centralised function it can allow better compliance and visibility into the global requirements.
Partner With Insurers – Embedded Insurance
With a captive audience and engaged users why not consider embedding insurance solutions along side existing services and offer additional value to customers, differentiating your offering and brining a new income stream for the business.
Elmore delivers bespoke and innovative programmes for both consumer and business users, get in touch to learn more.
Fintech Risk Management
For a FinTech to partner successfully with it’s key stakeholders, it must appreciate the breadth and depth of financial and technology risk management.
In particular, the FinTech must understand the operational risk considerations that a stakeholder will need to consider before engaging them.
By following best practice controls and processes required to onboard insurance it can improves 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
Embedded Finance Insurance Claims
Elmore is one of the early pioneers of arranging insurance for the embedded finance sector and as such have seen business models both succeed and fail. Being one of the few insurance intermediaries who has handled and managed complex embedded finance insurance claims, it makes Elmore the ideal risk transfer advisor and partner.
Elmore experienced claims team is committed to meeting the highest standards of service and operational excellence. Seasoned professionals are aligned with each specialty product line and geography and consistently employ best practice standards. As needed, Elmore partner with specialized claims consultants to ensure that no matter how complex an Insurers claims may be, the proper technical expertise is employed to analyze 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.