Insurance for fintech businesses
Specialist cover for fintech businesses and innovators. If you're shaking up the world of finance, you need fintech insurance that's as cutting edge as you are. As fintech specialists, our policies are built to make sure you’re regulatorily compliant while also covered for the most pressing risks.
Fintech insurance from Digital Risks
Following the rapid increase in adoption of technology in the financial sector there are a number of areas that need highly-tailored protection.
Professional indemnity insurance
Our professional indemnity cover (PI) is tailored to the unique risks faced by fintech companies and innovators. If your clients experience financial loss due to software failures or coding problems professional indemnity will cover the costs for dealing with these types of claims and will provide PR support to minimise damage to your reputation. If you’re an Account Information Service Provider (AISP) or a Payment Initiation Service Provider (PISP) there are certain regulatory requirements you must meet in order to obtain your licence. Taking out a PI policy with Digital Risks ensures that you meet these regulatory requirements in a quick and cost-efficient way.
Innovations in the finance industry mean that mountains of sensitive data are now stored online, where it's at risk of cyber-attacks and data breaches. With the rising trend of costly hacks and ransomware events, even the best security infrastructure isn't immune to hackers, so a solid plan B is vital. Our cyber insurance for fintech businesses provides one of the most advanced protection available.
With Digital Risks, there's no need to obtain a separate crime policy. Our dedicated fintech insurance has crime protection included as standard. That means you'll be covered where there is theft of your own funds, or any client money that you are responsible for. We cover theft carried out by both electronic and physical means committed by both your employees and outside third parties.
Fines and compliance
Fintech has to navigate its fair share of regulation, with PSD2 and GDPR bringing yet more responsibilities and potential fines. Even when you do everything in your power to remain compliant, issues can still slip through the net - that's why having cover for legally insurable defence costs and penalties is so important. This essential cover comes as standard in our fintech wording and is a must have for businesses operating at the intersection of finance and technology.
Dan and James at Digital Risks were great in helping us get coverage for our AI skin cancer service. We had spoken to a number of brokers as we tried to get insurance for our AI but ultimately, none were able to get underwriters around the table to understand the business and coverage needed. Dan and James did that and then helped create a new policy type to get us the coverage we needed. Recommend.
We had a breach and the insurance and legal support we got was invaluable. Digital Risks walked us through the whole thing including media and customer relations.
It was very quick and easy to claim. Our account manager replied within minutes, confirmed the details and we had the money in our account within 48 hours.
- 20 Jan 20203 minute read
We had a chat with Oliver Mitchell, Moneycado founder, about why he chose Digital Risks and what makes us different from other insurance providers.
Authorised by the FCA
The FCA supervises UK financial services firms to protect consumers. We are directly authorised and regulated by the FCA and our Firm Reference Number is 656459. These details can be confirmed on the Financial Services Register at www.fca.org.uk or by calling the FCA on 0845 606 1234.