A panel of London insurers arranged by Aon will offer a crime insurance product to clients of SILO, a solution from Swiss financial technology firm METACO.
SILO is METACO’s integrated hot-to-cold wallet management solution for financial institutions and is designed to help clients protect digital assets from losses resulting from loss, damage, destruction or theft.
The announcement follows a thorough assessment of SILO’s security model, which tightly combines purpose-built, tamper-proof hardware and software security, and makes METACO’s solution the world’s first self-custody technology platform to achieve this distinction.
With SILO offered as an integrated on-premise solution as well as through its banking infrastructure providers, the value of a facilitated insurance product may prove decisive for banks evaluating storage solutions and should stimulate the pace at which the banking industry embraces crypto assets.
“It is unique for a technology company, such as ourselves instead of the end client, to work with Aon to bring this to market,” said Adrien Treccani Chief Executive Officer and Founder of METACO.
“Insurance is an essential requirement for banking clients and METACO is excited to be able to facilitate insurance for our clients through the leading broker for crypto insurance solutions.” said Adrien Treccani CEO and Founder of METACO.
When evaluating crypto assets, insurers primarily evaluate the owner’s approach to compliance and Anti Money Laundering (AML), the technical infrastructure and its implementation, and the operational and physical security.
This new arrangement with Aon implies a simplification of the underwriting process for both insurers and METACO’s clients, as the insurer’s technical requirements are largely met out-of-the-box.
Jeff Hanson, a Director within Aon’s UK Financial Services Team added, “Aon is pleased to have pioneered the formation of an insurance solution covering theft of crypto assets for the benefit of METACO’s customers while utilising the SILO platform.
The METACO team worked in conjunction with Aon to highlight to insurers the robust nature of the SILO system, which resulted in a bespoke insurance product being granted by a panel of London insurers.”