CFC has witnessed the volume of submissions from fintechs increase by more than 100% year-on-year over the past couple of years
Cyber specialist insurance provider CFC has today (5 January 2023) revealed the creation of a dedicated fintech team to meet ongoing demand.
This new team, which will sit within CFC’s financial institutions practice, brings together underwriters with over 40 years of experience in writing technology risks and financial institutions.
CFC claims this is the first team of its kind in the London market to focus primarily on creating and underwriting insurance solutions for fintech businesses around the world.
Fintech team leader at CFC, Hannah Durrant, said: “Submissions from fintechs are growing month-on-month, so we felt it important to ring-fence a team to focus solely on this business.
“These companies face a unique set of exposures brought on by their use of technology and we can offer them market leading, fit for purpose cover and expert underwriting and risk management.”
The creation of the new team follows CFC launching a fintech solution in August 2020 built specifically to cover the risks faced by organisations operating in the fintech sector.
The solution includes errors and omissions (E&O), directors and officers (D&O), crime, cyber and employment practices liability (EPL) insurance.
Fintech proliferation
Since the launch of its product in 2020, CFC has witnessed the volume of submissions increase by more than 100% year-on-year over the past couple of years and has also grown its fintech book by 100% throughout 2022.
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CFC also published its fintech insurance guide in October 2022 to help brokers understand this sector and its unique combination of key risk exposures such as technology failure and cybercrime.
Neil Beaton, financial institutions practice leader at CFC, said: “Technology plays an integral role in the global financial infrastructure, whether it is underpinning day-to-day operations or delivering new ways of servicing customers.
“Investments in fintechs have risen sharply with investors pumping more than $200bn (£166.46bn) into start-ups and scale-ups alike over the past 12 months and the proliferation of fintech businesses is only going to increase.”
- Insurance Times has converted euro amounts into pounds using an exchange rate of £1 = $1.21 USD, which was correct as of 1 January 2023.
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