Will your insurance cover you when you need it?
For payment fintech companies, obtaining business insurance, such as professional indemnity coverage, is crucial for mitigating the unique risks associated with financial transactions and technology-driven operations. This insurance provides liability protection against claims of negligence or errors in services, cybersecurity threats through coverage for data breaches and cyber incidents, ensures regulatory compliance, and financially protects against fraud, payment disputes, and operational disruptions.
Challenges Overcome:• Risk coverage
• Coverage Limits and Exclusions
• Claims Process and Support
• Policy Review and Adjustment
• Insurance Premium Costs
• Complexity of Selecting the Right Coverage
Strategic Solutions: • Risk Assessment and Register
• Risk and Control Management Practices
• Customised Insurance Policies
• Regular Policy Reviews
• Cost-effective Coverage Strategies
Outcomes:• The firm completely overhauled its insurance coverage and ensured all its major risks were 100% covered.
• The firm managed to reduce its insurance premium by close to 40% year-on-year
The insurance renewal process for our payment fintech company presented numerous challenges, including ensuring adequate risk coverage, managing policy limits and exclusions,and balancing insurance costs with comprehensive protection. Through a strategic and multi-faceted approach, including a comprehensive risk review and customised insurance policies, we successfully addressed these challenges and optimised the firm’s insurance coverage, while reducing its costs.
Read the full case study here: https://www.aevitium.com/post/optimising-insurance-coverage-and-cost
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Our team of experts at Aevitium LTD is dedicated to guiding organisations through the intricate process of enhancing risk management practices and achieving operational excellence.
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