Specialist insurance provider CFC, has announced the creation of a dedicated fintech team as part of its financial practice.
CFC noted that this new team will bring together over 40 years of industry experience from underwriters with deep levels of experience of writing technology risks and financial institutions.
Additionally, CFC claims that this team will be the first of its kind within the London market to focus primarily on creating and underwriting insurance solutions for fintech businesses around the world.
“Technology plays an integral role in the global financial infrastructure, whether it is underpinning day-to-day operations or delivering new ways of servicing customers,” says Neil Beaton, Financial Institutions Practice Leader at CFC.
“Investments in fintechs have risen sharply with investors pumping more than $200 billion into start-ups and scale-ups alike over the past 12 months and the proliferation of fintech businesses is only going to increase.”
“Submissions from fintechs are growing month on month, so we felt it important to ring-fence a team to focus solely on this business. These companies face a unique set of exposures brought on by their use of technology and we can offer them market-leading, fit-for-purpose cover and expert underwriting and risk management,” added Hannah Durrant, Fintech team leader.
Moreover, since the launch of its product in 2020, CFC has witnessed the volume of submissions increase by more than 100% year-on-year over the past couple of years. The company also noted that it has grown its fintech book by 100% throughout 2022.
