Aon has announced the launch of its new solution for financial institutions, FI Protect 360. Created in collaboration with a number of London Market insurers, FI Protect 360 is designed to address key operational risks faced by today’s financial institutions encompassing both technology and more traditional risks.

Subject to underwriting, Aon’s FI Protect 360 has access to US$100m capacity per client and will blend a number of traditional lines to provide comprehensive cover that reflects the evolving needs of FIs.

Daniel Roworth, head of financial institutions in Aon’s Global Broking Centre, said: “We are excited to launch FI Protect 360 for our clients. We believe that this landmark new risk management solution fully understands and reflects the risk taxonomies of modern, technology-driven FIs and effectively responds to the evolving threats facing them today. We see this as just the start and look forward to further enhancing and improving FI Protect 360 as the risk landscape for FIs continues to shift.”

The new solution provides cover for professional indemnity, technology, cyber and crime risks, with an option for liability cover for FI directors and officers.

Alistair Clarke, head of cyber in Aon’s Global Broking Centre, added: “This is a major step forward in offering clients a proposition that moves away from the more siloed approach traditionally taken with individually underwritten policies for different classes of risk. Working closely with the market, we have built, from the ground up, a solution that seamlessly blends traditional classes of cover into a single product.”

It is hoped that, as a unified solution, FI Protect 360 will be better able to handle complex claims more effectively and to reduce the risk of delays in the claims resolution process.

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