Bespoke FinTech Insurance
It’s taken some time, but insurers are slowly developing insurance products tailored for FinTech companies. One insurer has even bucked the trend and launched a FinTech insurance product which is designed and developed to meet the needs of FinTech companies.
FinTech companies have often struggled to obtain tailored insurance for their business. Are we are software company? Is a technology insurance product right for us? Are we a finance company? We are regulated, should we have a product that meets regulatory requirements? As a FinTech company, are there regulatory requirements we need to meet?
To this date, there hasn’t been a right or wrong answer in terms of insurance for FinTech. It is very dependent on the precise company. For some companies, a technology product works perfectly especially if there is a heavy reliance on software. For others,a ‘Financial Institutions’ product is better suited, especially if you hold sensitive consumer information, data or money.
If you need any help, advice or guidance regarding Financial Technology Insurance please do not hesitate contact us on 0207 175 4589.
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