Aon plc, a leading global professional services firm, has unveiled its groundbreaking insurance solution, FI Protect 360, in collaboration with several prominent London market insurers.
This innovative offering is tailored to address the critical operational risks confronting modern financial institutions (FIs) comprehensively, revolutionising risk management decisions in the industry.
In today’s financial services landscape, technology has become increasingly integral but has also introduced new and emerging risks.
To address these evolving challenges, FI Protect 360 has been designed to provide insurance coverage that seamlessly bridges the gap between technology risks, traditional concerns, and emerging threats like cyber attacks and sophisticated frauds.
From its launch, FI Protect 360 offers each client access to an impressive US$100 million capacity, combining various traditional insurance lines to provide comprehensive coverage that aligns with the evolving needs of FIs.
Daniel Roworth, Head of Financial Institutions in Aon’s Global Broking Centre, expressed enthusiasm for the launch: “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.”
Aon’s FI Protect 360 simultaneously collaborates with FI and cyber underwriters in the London market, offering seamless coverage for professional indemnity, technology, cyber, and crime risks.
Additionally, it provides an option for liability coverage for FI directors and officers, accommodating various forms of financial service delivery, whether in person, technology-enabled, or technology-centric.
As a unified solution, FI Protect 360 is better equipped to handle complex claims efficiently and significantly reduce the risk of claims resolution delays. Furthermore, it eliminates the possibility of claims falling through gaps between different policies.
Designed to cater to large and mid-market financial institutions globally, including both traditional FIs and technology-driven financial businesses, FI Protect 360 marks a significant advancement in providing clients with a comprehensive solution that breaks away from the traditional siloed approach to individually underwritten policies for different risk classes.
Alistair Clarke, Head of Cyber in Aon’s Global Broking Centre, emphasised the importance of this development: “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. 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.”
