As a team that provides specialised insurance solutions to businesses that need them, we speak with fintech companies regularly. And many tell us that it’s hard to access the right insurance for their needs. The process is too slow and the result is often an overpriced ‘solution’ that is in fact not fit-for-purpose.
Like always, the insurance market has been lagging behind this revolution and a solution is desperately needed to support and encourage the fintech industry.
‘Off the shelf’ policies have been pushed on fintech clients without consideration of their actual requirements or compliance needs.
The latest regulations dictate that a basic level of business insurance is a necessity for fintech firms. This is just as true fintech startups as it is for established businesses.