Aon launches new insurance solution for financial institutions

FI Protect 360 is designed to address key operational risks faced by today’s FIs, such as cyber-attacks and increasingly sophisticated frauds. It provides comprehensive cover that reflects the new and evolving needs of FIs and is agnostic as to whether the financial service is delivered in person, enabled by technology, or is the technology itself.

The solution results from collaboration between Aon and several leading London market insurers. It blends several traditional lines, including professional indemnity, technology, cyber and crime risks, and an option for liability cover for FI directors and officers.

As a unified solution, Aon’s FI Protect 360 is better equipped to handle complex claims more effectively and to reduce the risk of delays in the claims resolution process. It also removes the risk of a claim falling into a gap between different policies.

FI Protect 360 is designed for global large and mid-market financial institutions, including traditional FIs and other technology-driven financial businesses.

Daniel Roworth, head of financial institutions in Aon’s Global Broking Centre, said: “We are excited to launch FI Protect 360 and look forward to further enhancing and improving it to meet the changing needs of our clients.

“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.”

“This is a major step forward in offering clients a unified solution that moves away from the traditional siloed approach of individually underwritten policies for different classes of risk,” said Alistair Clarke, head of cyber in Aon’s Global Broking Centre.