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Oracle RMS Insurance

Fintech Insurance

Industry Insurance — Oracle RMS Insurance

Fintech Insurance

Insurance programs for financial technology companies — covering technology risk, cyber exposure, and regulatory liability.

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Fintech companies operate at the intersection of financial services and technology, creating a unique and complex risk profile. Technology failures, data breaches, regulatory investigations, and professional liability claims are all significant exposures for fintech businesses. Oracle RMS works with fintech companies — from payment processors to lending platforms to wealth management apps — to build insurance programs that address their specific risk profile.

Who needs this coverage?

Payment processors, lending platforms, robo-advisors, cryptocurrency businesses, insurtech companies, regtech firms, open banking platforms, and any company that provides financial services through technology.

Key coverages

  • Technology E&O
  • Cyber liability
  • Directors & officers
  • Financial institution bond / crime
  • Professional liability
  • Commercial general liability
  • Regulatory defence costs
  • Media liability
  • Employment practices liability

Frequently Asked Questions

What makes fintech insurance different from standard tech insurance?
Fintech companies handle financial data and transactions, creating exposures that go beyond standard technology risks. Financial institution bonds, regulatory defence costs, and professional liability for financial advice are coverages that standard tech policies may not adequately address.
Do fintech companies need a financial institution bond?
Yes. Fintech companies that handle client funds or financial data should carry a financial institution bond (also called a crime policy) to cover losses from employee dishonesty, fraud, and theft of client assets.
What regulatory risks do fintech companies face?
Fintech companies are subject to regulation by FINTRAC, OSFI, provincial securities regulators, and other bodies. Regulatory investigations and enforcement actions can result in significant legal costs. D&O and professional liability policies can include regulatory defence cost coverage.
Do cryptocurrency businesses need specialized insurance?
Yes. Cryptocurrency businesses face unique risks including digital asset theft, smart contract failures, and regulatory uncertainty. Specialized crypto insurance products are available and the market is evolving rapidly. Oracle RMS can access specialty markets for these risks.
How much cyber coverage does a fintech company need?
Fintech companies handle highly sensitive financial data and are prime targets for cyberattacks. Coverage needs depend on the volume of transactions processed, the sensitivity of data held, and regulatory requirements. Many fintech companies need $5 million or more in cyber coverage.

Ready to review your coverage?

Speak with a licensed broker at Oracle RMS — by phone, video, or in person. We serve businesses across Canada.*

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* Commercial insurance services available across Canada, excluding Quebec.