Aon targets banking industry with new insurance solution

Global broker  Aon has launched a new insurance product for mid-sized banks that combines coverage across cyber, crime and professional liability into one policy.

The blended policy is designed specifically for banks to manage their operational risks with a single insurance purchase that protects against network security breaches, data leakage, business interruption, system failure, ransomware, internal and external fraud, and customer litigation.

“The confluence of the pandemic with the emergence of fintech challengers has forced the banking industry to rapidly digitize its operating model and client offerings,” said Christine Williams, Aon’s global specialty products leader.

“To respond to these changes, Aon has created a proprietary form called FI CyberCrime Plus, to provide our banking clients with the ability to access coverage for cyber, crime and professional liability coverage in a more seamless manner.”

Christian Hoffman, Aon’s global cyber leader, added: “ Aon’s unparalleled holistic offering of brokerage aligned with proactive and reactive in-house cyber consulting capability is one of our key differentiators. By integrating our proprietary diagnostic tools into both the submission and underwriting processes, we can help our clients achieve optimal risk transfer results.”

Williams noted: “ Aon’s integrated team of U.S. cyber solutions and financial lines claims advocates are experienced in coordinating the claim process from start to finish. The group has recovered approximately $4 billion in claims over the past five years from management liability and cyber insurers. The team has unparalleled experience in the banking and financial institutions sector and is a crucial differentiator supporting our FI CyberCrime Plus solution.”

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