15 December 2017
visit www.aciworldwide.com

Markel exports fintech insurance policy to Singapore

17 October 2017  |  2327 views  |  0 Source: Markel

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.”

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.solutions.lexisnexis.comvisit www.response.ncr.com

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10197 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9350 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8944 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7593 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7222 views comments | 15 tweets | 24 linkedin

Featured job

Competitive package
New York City, NY - USA

Find your next job