CFC dedicates new team to meet fintech demand 

Cyber specialist CFC has created a dedicated fintech team to meet increasing demand from the sector. 

The team is the first of its kind in the London market to focus on creating and underwriting insurance solutions for fintech businesses around the world, CFC says, featuring underwriters experienced in writing technology risks. 

CFC says its specialist team offers market-challenging solutions to key niches in the financial institutions space, including bespoke cover for fintech.  

“Submissions from fintechs are growing month on month so we felt it important to ring-fence a team to focus solely on this business,” fintech team leader Hannah Durrant said.  

Fintechs face a unique set of exposures brought on by their use of technology, she says, and CFC offers them fit-for-purpose cover after launching its specific risk solution in 2020. 

“It is an area with huge potential for growth and innovation and we’re looking forward to helping all of our brokers, new and existing, find solutions for their fintech clients,” she said. 

Fintechs provide app-based banking, digital lending, investment platforms, trading platforms or money transfer services. CFC says they have a unique combination of exposures that don’t fit the typical financial institution, including an evolving regulatory environment, technology failure and cybercrime. 

Claims examples include theft of funds, technology failure, sub-contractor vicarious liability and IP infringement.  

CFC, which has doubled its fintech book over the past year, provides insurance protection to organisations offering digital banking, payments and investments, B2B trading platforms, commercial lending and artificial intelligence solutions.  

“The proliferation of fintech businesses is only going to increase,” Financial Institutions Practice Leader Neil Beaton said. 

Headquartered in London, CFC has offices in Brisbane, New York, Austin and Brussels and has nearly 700 staff.