IQUW introduced FortiFI, a new insurance product combining Financial Institutions (FI) coverage with Cyber insurance, specifically tailored for U.S. clients. This integration addresses the growing concerns around cybersecurity, especially given that nearly 20% of global cyber-attacks target financial institutions.
Tristram Prior, Lead Underwriter for IQUW Financial Institutions, emphasized the product’s significance, stating that a recent survey showed 86% of financial institution boards are primarily worried about cyber threats. FortiFI combines Cyber coverage with IQUW’s existing FI insurance offerings, which include Errors and Omissions, Directors and Officers, Employment Practices Liability, Fiduciary, and Crime insurance. This makes it one of the few market solutions comprehensively covering FI and Cyber risks under one policy.
“Compelling and Complete Solution”
“Cyber-attacks on Financial Institutions account for nearly one-fifth of the total cyber-attacks worldwide and a recent survey found that 86% of Financial Institution Boards were primarily concerned about cyber-attacks, leading to an increasing need for cyber security coverage. The addition of Cyber coverage alongside our FI core products creates a compelling and complete solution. Whether it’s Directors’ and Officers’ liabilities, regulatory investigations, or cyber breaches, our clients will have comprehensive coverage under one carrier and within one wording,” said Prior.
The product targets small—to mid-market financial institutions, including corporate finance firms and non-bank lenders, as well as companies with complex and technology-driven business models. FortiFI aims to provide a single-source solution for underwriting claims, enhancing client confidence, and simplifying risk management.
Tilly Milnes, Senior Claims Handler at IQUW, highlighted the company’s effort to ensure a streamlined and efficient process from underwriting to claims resolution. This involves collaboration with experts such as Tony Kriesel, IQUW’s Head of Professional Lines and Specialty Claims, to foster a unified claims experience. This approach helps avoid the challenges typically associated with managing multiple insurance carriers, offering clients a consistent and integrated service model. “With IQUW’s experienced and legally-qualified claims team overseeing both the FI and Cyber portfolios, clients benefit from a unified claims experience, avoiding the complications that arise from dealing with multiple carriers,” said Milnes.
Source: IQUW launches FortiFI, a new, combined FI and Cyber solution.