Wealthtech Insurance

Comprehensive Insurance Protection for Wealthtech Platforms

Protection for the pioneers

Increasing popularity, changes to regulation, perception to corporate responsibility and increased media attention towards Wealthtech platforms have focused the importance of effective operational, financial and technology risk management.

Elmore’s Wealthtech Insurance is designed to address the wide range of operational risks that a Challenger bank can experience in its day-to-day operations.

 

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Elmore Wealthtech 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 Wealthtech insurance

Identification of risk – Elmore Review

Support in mitigating risk – Elmore Improve

Arranging risk transfer with challenger bank insurance – Online Application

Claims support and response – Insurance Claims

Wealthtech Insurance Explained

Elmore has carefully designed a broad and comprehensive Wealthtech Insurance Policy providing all the key financial insurances under one policy.
To ensure policy coverage is kept up-to-date, Elmore has been actively engaging with key stakeholders in developing insurance solutions for Fintechs and is well positioned to guide firms on the suitable insurances that are required to be in place.

Elmore Wealthtech 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
Insurance

  • Event management
  • Reputation management
  • Financial loss incl. fines
  • Cyber liability

Office & Employee Insurance

  • Property and equipment
  • Employers liability
  • Public liability
  • Travel insurance

Multi-National Wealthtech Insurance Programme Management

In the scale up of a Wealthtech, rapid global expansion requires a coordinated approach to Insurance acquisition. Elmore’s network of established insurance partners around the world allows for a Global Insurance Programme. 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.

MULTI-NATIONAL INSURANCE PROGRAMMES

Partner With Insurers – Embedded Insurance

With a captive audience and engaged users why not consider embedding insurance solutions alongside 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.

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

Wealthtech Insurance Claims

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 specialised claims consultants to ensure that no matter how complex an Insurers claims may be, the proper technical expertise is employed to analyse and resolve the loss.

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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.