The offering addresses the multifaceted operational risks that modern financial institutions (FIs) encounter, ushering in a new era of comprehensive risk management strategies within the industry.
In today’s dynamic financial services landscape, technology plays an increasingly pivotal role, simultaneously introducing novel risks and challenges. In response to this evolving scenario, FI Protect 360 has been thoughtfully developed to provide insurance coverage that seamlessly bridges the gap between traditional concerns, technological risks, and emerging threats such as cyber attacks and sophisticated fraud.
From its inception, FI Protect 360 extends to each client an impressive capacity of up to US$100 million. This encompassing coverage amalgamates various traditional insurance lines, thus ensuring a comprehensive shield that aligns perfectly with the ever-evolving needs of financial institutions.
According to reports, Aon’s FI Protect 360 also collaborates with both financial institution (FI) and cyber underwriters within the London market. The partnership extends holistic coverage encompassing professional indemnity, technology, cyber, and crime risks.
Furthermore, FI Protect 360 offers a valuable option for liability coverage designed specifically for directors and officers of financial institutions. This flexible coverage accommodates various modes of financial service delivery, whether it involves in-person interactions, technology-enabled operations, or technology-centric processes.
As a unified insurance solution, FI Protect 360 efficiently manages complex claims, substantially reducing the risk of delays in claims resolution. Additionally, it eliminates the possibility of claims slipping through the cracks between different insurance policies.
Crafted to cater to both large and mid-market financial institutions globally, including both traditional FIs and technology-driven financial enterprises, FI Protect 360 represents a significant leap forward in providing clients with an all-encompassing solution. This approach breaks away from the conventional segmented approach of individually underwritten policies for various risk categories, setting a new standard for comprehensive insurance coverage.
Daniel Roworth, Head of Financial Institutions in Aon’s Global Broking Centre, said: “We are excited to introduce FI Protect 360 for our clients. We believe this groundbreaking risk management solution truly comprehends and reflects the risk landscapes of modern, technology-driven FIs while effectively addressing the evolving threats they face. This is just the beginning, and we anticipate further enhancements as the risk landscape continues to shift.”
Alistair Clarke, Head of Cyber in Aon’s Global Broking Centre, also commented, saying: “This is a major step forward in offering clients a proposition that moves away from the more siloed approach traditionally taken with individually underwritten policies for different classes of risk.”
He added: “Working closely with the market, we have built, from the ground up, a solution that seamlessly blends traditional classes of cover into a single product.”
