A London market collaboration to “blend” traditional financial and cyber risks, Aon’s FI Protect 360 has access to $100m capacity per client.
Aon has announced the creation of a new financial institutions (FI) broker facility, named FI Protect 360.
The new managing agent structure from the broker offers “an initial” $100m of coverage per client, with the backing of several London market carriers.
FI Protect 360 is designed for mid-size to large financial institutions globally, including traditional FIs and technology-driven financial firms.
The new structure will blend traditional lines to provide “comprehensive cover that reflects the new and evolving needs of Fis”, according to Aon.
Aon said FI Protect 360 is “designed to address key operational risks” faced by Fis.
Technology has become increasingly integral to the financial services industry, creating new and emerging risks, Aon said.
Organisations require new risk mitigation and management solutions that more effectively address new forms of volatility beyond traditional policies, the broker emphasised.
FI Protect 360 “addresses the intersection between technology risks, more traditional risks, and evolving threats such as cyber-attacks and progressively more sophisticated frauds”, according to Aon.
“We believe that this landmark new risk management solution fully understands and reflects the risk taxonomies of modern, technology-driven FIs, and effectively responds to the evolving threats facing them today,” said Daniel Roworth, head of financial institutions at Aon’s global broking centre.
“We see this as just the start and look forward to further enhancing and improving FI Protect 360 as the risk landscape for FIs continues to shift,” Roworth said.
Working simultaneously with FI and cyber underwriters in the London market, Aon said its new offering provides “seamless cover for professional indemnity, technology, cyber and crime risks, combined with an option for liability cover for FI directors and officers”.
The insurance cover would be “agnostic” as to whether the financial service is delivered in person, enabled by technology, or is the technology itself, according to the broker.
Aon said its FI Protect 360 would also be better equipped to handle complex claims, and to reduce delays in claims resolution. The solution “removes the risk of a claim falling into a gap between different policies”, according to the broker.
“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,” said Alistair Clarke, head of cyber in Aon’s global broking centre.
“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,” Clarke added.