Aon has unveiled FI Protect 360, a new insurance solution designed in collaboration with the London market.
This flagship proposition aims to address operational risks encountered by today's financial institutions (FIs), providing a singular approach to risk management.
With the financial services industry’s increasing reliance on technology comes new and evolving risks. To effectively address these emerging challenges that go beyond traditional policies, organizations require innovative risk mitigation and management solutions.
Aon has described FI Protect 360 as its answer to these developments, with insurance coverage that addresses the convergence of technology risks, traditional risks, and evolving threats like cyberattacks and increasingly sophisticated frauds.
Upon its launch, the insurance solution will offer access to US$100 million capacity per client, blending multiple traditional lines to provide coverage that aligns with the modern needs of FIs.
Developed in collaboration with FI and cyber underwriters in the London market, it integrates professional indemnity, technology, cyber, and crime risks. Additionally, it offers an option for liability cover for FI directors and officers, making the insurance coverage agnostic to whether the financial service is delivered in person, enabled by technology, or is the technology itself.
Aon has also touted the solution as a proposition that eliminates the risk of claims falling into gaps between different policies. It is tailored for large and mid-market financial institutions globally, encompassing both traditional FIs and other technology-driven financial businesses.
“We are excited to launch FI Protect 360 for our clients. We believe that this landmark new risk management solution fully understands and reflects the risk taxonomies of modern, technology-driven FIs, and effectively responds to the evolving threats facing them today. We see this as just the start and look forward to further enhancing and improving FI Protect 360 as the risk landscape for FIs continues to shift,” Aon Global Broking Centre head of financial institutions Daniel Roworth said.
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