Brown & Brown introduces FI TechProtect, a blended cyber, crime and E&O form designed specifically for financial institutions. Our holistic, cross-product approach helps address the convergence of various exposures related to financial technology and digitization. The solution aims to provide increased coverage clarity to financial institutions as they implement their unique digital strategies.
Traditional siloed insurance purchases can result in gaps and a lack of clarity between cyber and crime policies concerning the misappropriation of assets and social engineering, as well as technology-service-related customer litigation (Tech E&O) compared to classic financial-service-related customer litigation (BPL).
A blended approach can help achieve total cost of risk savings. Stand-alone limits are more expensive than a single aggregate limit - which should yield a ~15% cost savings at a minimum across blended cyber, bond and E&O insuring clauses in a singular policy purchase. A blended approach helps eliminate the financial cost of satisfying multiple deductibles that could be triggered across multiple policies through a deductible mechanic that will apply the single largest relevant deductible.
A blended form helps eliminate administrative inefficiencies in negotiating claims with multiple insurers (cyber, bond, BPL/E&O), mitigate issues on potentially overlapping/conflicting coverage terms between different insurers and prevents multiple deductibles on claims arising from a single event, producing multiple impacts.