Head of Retail – SuperscriptQ
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.
Key considerations when buying a policy
As part of a sector that changes constantly and rapidly, it's important for fintech businesses to look for bespoke and adaptable coverage solutions that can be adjusted to match your growth as well as the ever-evolving compliance and regulatory requirements of the industry.
Multiple policies in one
A feat that was once deemed impossible for complex fintech companies, our fintech insurance product can bundle together professional indemnity, directors and officers (D&O), crime and cyber insurance and much more into a single product.
When starting out, it’s likely the first 12 months of your business will focus on building and testing your product, with the aim of building a minimum viable product, which can be used as a foundation for further investment. Revenue and exposure will likely be limited, and you therefore need a policy that takes this into account when calculating premium.
We understand that nascent businesses do not have the capital, nor the desire, to pay expensive premiums during the initial ‘build phase’ of the business. So, we have created a market-leading [fintech insurance)[https://gosuperscript.com/advised/fintech-insurance/] product that is backed by a market leading fintech insurer.
Supporting fellow innovators
Superscript understands how crucial it is to remove all roadblocks that prevent the disruption of traditional finance. New service providers are now offering revolutionary services to customers, directly impacting how we all store, save and spend our money.
Open banking regulations have amplified disruption within the banking ecosystem and this insurance product intends to give further infrastructure to support and encourage financial innovators.
Superscript’s PSD2 product has been designed as an ‘on ramp’ for the first 12-24 months of your business; giving you enough cover to meet your regulatory requirements, but without the high price tag.
Key features of Superscript’s fintech and PSD2 insurance offering:
- Quotes available online in three minutes
- Available for AISP and PISPs based in the UK, Netherlands, Lithuania, Estonia, Malta. Other territories will also be considered.
- Limits from: £/€250,000
- Premiums from: £/€1,680
- Optional directors and officers liability cover
- A+ rated insurer (S&P)
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