Crum & Forster (C&F) recently launched FInTECH ONE, a comprehensive insurance product designed to support the specific risk management needs of financial technology firms.
FInTECH ONE integrates four types of coverage—Financial Services Errors and Omissions (E&O), Technology E&O, Cyber Liability, and Media Liability—into a single policy that seeks to address the evolving challenges faced by firms in the FinTech sector.
The FInTECH ONE policy offers a consolidated approach that covers various liability areas under one contract, potentially simplifying the coverage process for clients who previously needed to purchase multiple policies or negotiate with several providers to achieve full protection.
Key components of the new offering include tailored E&O coverage options specific to each sub-class of financial services, a feature that allows firms to select coverage more precisely suited to their areas of operation.
Alongside the combined coverage options, C&F provides a range of cyber risk management tools via CFcyberASSIST.com, an online portal that offers resources aimed at minimizing exposure to cyber threats.
These tools include incident response planning exercises, phishing awareness training, and executive tabletop exercises, each intended to enhance preparedness among insured firms.
The portal access is complemented by the support of a specialized claims and underwriting team that assists clients through the entire process, from initial risk evaluation to claims management.
Blair Bartlett, Vice President of Financial Institutions at Crum & Forster, noted that the FInTECH ONE policy aims to deliver a “single, sophisticated policy” that FinTech clients need, eliminating the necessity of coordinating coverage with multiple carriers.
"Many providers offer separate policies for each risk, or the broker has to work with more than one carrier to put together the coverage solution a FinTech client needs. C&F has created, FInTECH ONE, a single solution combining these vital coverages for this market. We are confident that our new offering uniquely addresses a significant need in the industry," said Bartlett.
FInTECH ONE is also supported by C&F’s Cyber Solutions Team, which provides risk management assistance that includes access to cyber risk simulations and incident response resources.
In the event of an incident, the team works with clients throughout the response process, helping to minimize the impact and support efficient claim resolution.
According to Leigh McMullan, Senior Vice President of Executive Risk at Crum & Forster, the new policy represents an integrated approach intended to address “diverse risk management needs in a single, client-centered solution” for the FinTech sector.
Founded in 1822, Crum & Forster operates as a national property, casualty, and health insurer through independent agents, brokers, and wholesalers.
What do you think of FInTECH ONE’s integrated coverage approach? Share your thoughts in the comments.
