View this article online: https://www.insurancejournal.com/news/international/2019/01/04/513497.htm

Protean Risk Launches Insurance Coverage for Fintech Sector

Specialist fintech insurance broker Protean Risk, a, has launched a new insurance product designed to target key operational risks impacting the financial technology sector – broadly categorized as theft, fraud, negligence, data compromise, and cyber-attacks.

The coverage, currently only available to UK and EU domiciled companies, combines previously separate policies into one, which Protean says will improve pricing efficiency. The coverage also offers more extensive protection than other insurance policies traditionally available.

According to Tristan Sargeaunt, director of Fintech and Payment Services, who spearheaded the development of the new product, the coverage provides enhanced protection by taking a holistic approach to the key risks faced by fintech firms.

Product highlights include:

• Competitively priced with enhanced protection in strategically important areas
• Simplified policy construction to streamline coverage and claims response
• Coverage for social engineering fraud, cryptojacking and fraudulent retention of erroneous payments
• Extends protection to include the negligent acts or omissions caused by third party service providers
• Access to specialist emergency support in the event of data breach
• Includes public relations expenses, mitigation and crisis management costs
• Enhanced protection for directors including, pre-claim inquiry costs and personal tax notices

Protean Fintech Insurance is available to a range of firms from start-ups to unicorns.