{"id":10954,"date":"2024-10-04T14:31:43","date_gmt":"2024-10-04T19:31:43","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&#038;p=10954"},"modified":"2024-10-31T15:17:13","modified_gmt":"2024-10-31T20:17:13","slug":"financial-institutions-practice-fi-techprotect-the-case-for-blending","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/financial-institutions-practice-fi-techprotect-the-case-for-blending\/","title":{"rendered":"Financial Institutions Practice FI TechProtect | The Case for Blending"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row row_style=&#8221;page-hero&#8221; full_width=&#8221;stretch_row_content&#8221;][vc_column]\n\t<div class=\"hero hero--wrap    \">\n\n\t\t<div class=\"hero--background-image hero--background-image-blur\">\n\t\t\t<div class=\"hero--overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"hero-background\" style=\"background: url(https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/10\/Financial-Institutions-Tech-Protect-Brown-Brown-External_web-image.jpg) center center no-repeat; background-size: cover;\"><\/div>\n\t\t\t\t\t<\/div>\n\n\t\t<div class=\"hero--container\">\n\t\t\t<div class=\"container\">\n\t\t\t\t<div class=\"hero--inner width-100\">\n\n\t\t\t\t\t\n  <div class='content-heading  100%  '>\n    <p class='text-white subheading'>Property &amp; Casualty<\/p>\n    <h1 class='text-white    '>\n      Financial Institutions Practice FI TechProtect | The Case for Blending\n    <\/h1>\n\t\n  <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;]\n  <div class='content-heading  100% content-heading--ruled '>\n    \n    <h1 class='text-brand-dark-blue    h2'>\n      Financial Institutions Practice FI TechProtect | The Case for Blending\n    <\/h1>\n\t\n  <\/div>[vc_video link=&#8221;https:\/\/vimeo.com\/1022979409\/b5aebb12d1?ts=0&amp;share=copy&#8221; css=&#8221;&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h3>Overview<\/h3>\n<p>Brown &amp; Brown introduces FI TechProtect, a blended cyber, crime and E&amp;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.<\/p>\n<h3>Insurance Products are Lagging Evolving Risk Profiles<\/h3>\n<h4>Strategic Digital Initiatives<\/h4>\n<ul>\n<li>Hybrid working<\/li>\n<li>Fintech relationships<\/li>\n<li>Treasury management services<\/li>\n<li>API offerings<\/li>\n<li>Open banking<\/li>\n<li>Instant payments<\/li>\n<li>Banking as a service<\/li>\n<li>Digital wallets<\/li>\n<li>Mobile banking<\/li>\n<\/ul>\n<h4>Evolving &amp; Fluid Risk Landscape<\/h4>\n<ul>\n<li>Data leakage<\/li>\n<li>Disruption<\/li>\n<li>Fraud<\/li>\n<li>Customer litigation<\/li>\n<li>Network security breach<\/li>\n<li>Platform failure<\/li>\n<\/ul>\n<h4>Siloed Insurance Market<\/h4>\n<ul>\n<li>Cyber<\/li>\n<li>E&amp;O<\/li>\n<li>Fidelity<\/li>\n<\/ul>\n<h3>Benefits<\/h3>\n<ul>\n<li>Coverage expansion<\/li>\n<li>Gap minimization<\/li>\n<li>Insurer alignment\/facilitates claim resolution<\/li>\n<li>Administrative efficiencies<\/li>\n<li>Total Cost of Risk (TCOR) savings (premium + claims)<\/li>\n<li>Leverages our proprietary InSite diagnostic tool<\/li>\n<\/ul>\n<h3>Coverage<\/h3>\n<p>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&amp;O) compared to classic financial-service-related customer litigation (BPL).<\/p>\n<h3>Cost<\/h3>\n<p>A blended approach can help achieve total cost of risk savings. Stand-alone limits are more expensive than a single aggregate limit &#8211; which should yield a ~15% cost savings at a minimum across blended cyber, bond and E&amp;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.<\/p>\n<h3>Claims<\/h3>\n<p>A blended form helps eliminate administrative inefficiencies in negotiating claims with multiple insurers (cyber, bond, BPL\/E&amp;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.[\/vc_column_text]\t<div class='wpb_content_element text-left btn-container'>\n\t\t\t\t\t<a class='btn btn-brand-green  '\n\t\t\t\thref='https:\/\/www.bbrown.com\/wp-content\/uploads\/2024\/10\/Financial-Institutions-Tech-Protect-Brown-Brown-External_web-1.pdf' target='_blank' data-toggle=''>\n\t\t\t\t<span class=\"btn-text-color--default\">Download PDF<\/span>\n\t\t\t<\/a>\n\t\t\t<\/div>\n[\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_single_image image=&#8221;1015&#8243; alignment=&#8221;center&#8221; css=&#8221;&#8221;][vc_separator border_width=&#8221;2&#8243; el_width=&#8221;60&#8243;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h6 style=\"text-align: center;\">Property &amp; Casualty Team<\/h6>\n<p>[\/vc_column_text]\t<div class='wpb_content_element text-center btn-container'>\n\t\t\t\t\t<a class='btn btn-brand-dark-blue  '\n\t\t\t\thref='\/us\/contact\/contact-general\/' target='' data-toggle=''>\n\t\t\t\t<span class=\"btn-text-color--default\">Connect Now<\/span>\n\t\t\t<\/a>\n\t\t\t<\/div>\n[\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row row_style=&#8221;page-hero&#8221; full_width=&#8221;stretch_row_content&#8221;][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;][vc_video link=&#8221;https:\/\/vimeo.com\/1022979409\/b5aebb12d1?ts=0&amp;share=copy&#8221; css=&#8221;&#8221;][vc_column_text css=&#8221;&#8221;] Overview Brown &amp; Brown introduces FI TechProtect, a blended cyber, crime and E&amp;O form designed specifically for financial institutions. Our holistic, cross-product approach [&hellip;]<\/p>\n","protected":false},"author":66,"featured_media":10955,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight_category":[34],"class_list":["post-10954","insight","type-insight","status-publish","has-post-thumbnail","hentry","insight_category-property-casualty"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Financial Institutions Practice FI TechProtect | The Case for Blending - Brown &amp; Brown<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bbrown.com\/us\/insight\/financial-institutions-practice-fi-techprotect-the-case-for-blending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Institutions Practice FI TechProtect | The Case for Blending\" \/>\n<meta property=\"og:description\" content=\"[vc_row row_style=&#8221;page-hero&#8221; full_width=&#8221;stretch_row_content&#8221;][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;][vc_video link=&#8221;https:\/\/vimeo.com\/1022979409\/b5aebb12d1?ts=0&amp;share=copy&#8221; css=&#8221;&#8221;][vc_column_text css=&#8221;&#8221;] Overview Brown &amp; Brown introduces FI TechProtect, a blended cyber, crime and E&amp;O form designed specifically for financial institutions. 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