Meeting Regulatory Guidelines
Firms who carry out AISP or PISP services under Open Banking will need Professional Indemnity Insurance or a comparable guarantee as a prerequisite to be granted authorisation.
Elmore’s Open Banking insurance addresses regulatory guidelines in a clear, cost-effective way, and allows firms to meets short timeframes.
Elmore Open Banking 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.
The Elmore Open Banking insurance solution:
Open Banking Insurance Explained
Elmore has carefully designed an Open Banking compliant endorsement and increased the scope of its market-leading Professional Indemnity Insurance (PII) policy. This enables firms who are subject to Open Banking to be continuously compliant within the minimum PII limit guidelines.
To ensure policy coverage is kept up-to-date, Elmore has worked closely with key stakeholders to develop a solution that meets PSD2 insurance requirements and which guides firms on the implications of PSD2 for their business and the types of insurances they will need.
Elmore Open Banking 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 Open Banking Insurance Programme Management
As firms with PSD2 service offerings multiply and their businesses grow, they will need a clear and coordinated approach for insurance. Because Elmore has a worldwide network of insurance partners, it can provide a global insurance programme. To enable better compliance and visibility, local policies should be coordinated by a central function.
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.
Open Banking 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.