Protean Risk launches exclusive fintech insurance product
Protean Risk, a specialist fintech insurance broker, has launched a new and comprehensive insurance product designed to target key operational risks impacting the sector – broadly categorised as theft, fraud, negligence, data compromise, and cyber-attacks – thus offering significantly more extensive protection than other insurance policies traditionally available.
By combining previously separate policies into one seamless policy, Protean also believes that pricing efficiencies can be achieved, especially given the enhanced protection it provides.
Tristan Sargeaunt, Director of Fintech and Payment Services, who spearheaded the development of the new product, stated “Traditional insurance solutions were never designed to cater for today’s fast growing and constantly evolving fintechs, resulting in gaps in coverage and uncertainty of policy response. Through working closely with our existing clients in the fintech and payment services sector we have created an innovative insurance solution which provides enhanced protection by taking a holistic approach to the key risks they face.”
Protean have been proactive in launching other ground-breaking products in 2018, including a unique policy designed to meet the requirements of the new Payment Services Regulations (PSD2) and also Protean Client Money Insurance, which protects investment funds not covered by traditional compensation schemes such as the FSCS.
Nathan Sewell, CEO, Protean Risk, said “We recognise the fintech industry as the fastest growing business sector in the world and as specialists in this area we are excited to launch a product that is tailor-made to combat a comprehensive range of risks that fintechs face. Our dedicated Fintech and Payment Services team, headed by Tristan, has a wealth of experience in building bespoke insurance solutions for fintechs and this product further demonstrates our credentials as leading insurance experts in this rapidly developing sector.”
For more information on Protean Fintech Insurance, visit www.proteanrisk.com/proteanfintechinsurance
Protean Risk Limited:
Nathan Sewell, Chief Executive +44(0)20 3763 5353
Jason Edwards, Director +44(0)20 3763 5360
Omar Elhag, Head of Marketing +44(0)20 3763 5362
Notes to Editors
Protean Risk is a Lloyd’s broker that provides specialist insurance broking services to firms in the investment industry, financial services, and technology sectors, including fintech. We now have over 600 clients in these sectors ranging from start-ups to international corporations.
Protean Risk has set itself apart in the Payments Sector by creating new insurance products and solutions. We developed the first ‘PSD2 compliant’ professional indemnity insurance policy and we now place insurance for the majority of UK authorised AISP and PISP firms.
When Protean Risk was formed in 2008, the aim was to combine the knowledge and experience gained from working for large, global insurance broking firms with a high level of personal service and attention. We recognised the importance of this personal approach in helping companies achieve better insurance results. Remaining true to our core values of sector specialisation, personal service and problem solving has allowed us to maintain our high levels of growth and client satisfaction. In fact, in a recent survey we conducted, 95.5% of our clients who responded believe that we are experts in the sectors we operate in and 97.8% would recommend us to another company.