Markel International, the specialist insurer, has unveiled a fintech policy offering comprehensive protection for businesses in the financial technology sector in Asia, having successfully launched it in the UK early last year.
Simon Moi, senior underwriter and head of professional and financial risks at Markel International Singapore, will lead his team in Asia and be the focal point for the product that will offer protection for policy limits of up to a maximum of USD10 million.
Launching in Singapore, fast becoming the fintech hub in Asia, the policy comes with three additional options for cover, building on the core professional indemnity section, to protect clients against their key exposures.
The professional indemnity core addresses the professional liability issues that may arise in a fintech and offers broad civil liability protection against claims and related costs from clients or third parties, including alleged bad advice, poor servicing or programming errors. Coverage also extends to the costs involved when sensitive documents or data is lost.
On top of the professional indemnity core cover, the policy offers protection for three additional perils:
1. Directors’ and officers’ liability cover protects against claims of mismanagement, which could be brought by shareholders, employees, creditors or regulators.
2. Theft option covers the insured against the stealing of money or other financial instruments, through both electronic and non-electronic means, including through extortion. It will also cover the cost of rectifying computer systems following a theft.
3. Cyber liability and loss cover provides protection if the insured suffers a network security incident, such as a hack, denial of service attack, or a computer virus, and will also cover business interruption losses arising from such an incident. This section includes cover for the cost of rectifying computer systems following a network security incident.
The fintech team at Markel recently took home the Insurance Team of the Year prize at the Reactions London Market Awards in June 2017.
Simon Moi says: “Our focus is to provide a broad coverage, and so, we have modelled our policy to be packaged together in a single cover so that it is more holistically beneficial to our customers. And this is the first time these protections are offered in this manner.”
He added: “We have also established a team of experts that are available on a 24/7 basis to help manage, investigate, resolve and recover from a network security incident, theft, phone hacking or a privacy breach; electronic or otherwise.”
Commenting on this launch, Matthew Cannock, principal officer and managing director of Markel International Singapore, said: “The launch of this fintech insurance coincides very nicely with our recent 10th anniversary celebration in Asia, reflecting how we grow and develop with our customers’ needs. Singapore is exactly the right place to launch this product and we are positive that this product will take off as users are becoming more aware of the increasing risks in the financial technology sector.”