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We work with internationally recognised financial institutions, financial technology companies and ‘Appointed Representatives’ in the placement of professional indemnity, directors & officers and cyber liability risks – complete with global coverage.
Fintech is a commonly used combination of two works, “financial” and “technology”. The term Fintech is used to describe the use of technology within financial services and products. From banking to insurance, even investing; practically anything that relates to finance. Although the term Fintech is relatively new, use of technology to deliver financial services isn’t. Technology has always changed the financial industry however, with the invention of the Internet and more recently smart devices, the rate of change has accelerated greatly.
Examples Of Fintech
Fintech is changing the financial industry in a variety of ways. For example, you now have the ability to open bank accounts over the Internet. You no longer need to physically visit a bank; instead you can link an account to your smart device and monitor each and every transaction. With new apps today, you can even use your smartphone as a “digital wallet” almost and use it to pay for goods and services on the go, as well as help to budget your monthly income with alerts to spending and overdraft use.
It’s even had an impact on the insurance and investment industries. Car insurance providers are now offering “telematics-based” insurance policies that allow you to receive a certain amount of discount or reduced premiums for having a device fitted into your car via your smartphone or something known as a black box. The data collected can then be used to determine your discount or on the total opposite end of the scale, increase your premium. Add to this an ability to invest over the Internet, once again without any face-to-face interaction and it’s easy to see how Fintech is changing the world.
Financial organisations that we actively work with include:
- Banks (retail, wholesale, mortgage, investment, merchant banks, community, government and development banks)
- Saving and loan institutions
- Mortgage lenders
- Building societies
- Inter-dealer Brokers
- Commodity Traders
- Fund managers
- Asset managers
- Hedge funds
- Mergers & Acquisitions
- Investment trusts
- Private equity companies
- Venture capital companies
Insurance You Can Trust
Here at Servca, we know the impact that Fintech is having on the world. We also recognise that with such an impact, comes a great need to have the right insurances in place. We’ve worked with internationally recognised financial institutions, as well as financial technology companies and their appointed representatives. We offer professional indemnity, directors & officers and cyber liability risk covers, with global coverage.
We’re backed by Lloyd’s of London who are known for their financial strength and stability, allowing us to cater for financial institutions and financial technology with limits over £100m. While we cater to large, global companies such as this, we also work with smaller innovative risks such as E-Trading and Crypto-currencies. We provide fully comprehensive policy coverage from crime to negligence and breach of duty as well as cyber and we do so within one single insurance policy.
We’ve worked with a multitude of financial organisations from banks to mortgage lenders, brokers, fund managers, asset managers, hedge funds, investment trusts and many more. For more information, simply contact us today.