Financial Services Industry Group Contacts
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Understand, collaborate & continuously innovate
Our Financial Services Industry Group focuses intensely on the current and future needs of Financial Services companies. We direct our research and insight capabilities to understand their challenges and opportunities and we’ll partner with our clients and brokers to create tailored and distinctive value propositions. Meanwhile we will continuously enhance our products and services for the sector especially around its emerging exposures. All this is underpinned by our long-term industry commitment: to understand, to collaborate and to continuously innovate.
We target the full range of financial services companies from local companies to top tier global institutions including accounting, banking, investment and asset management and insurance.
We are renowned for our sector expertise with long-established, dedicated financial services underwriting and claims teams, deep understanding of the issues and trends facing these companies and a track record of delivering outstanding solutions. We continue to innovate and develop our value proposition to meet our clients’ ever changing risk landscapes.
We deliver a full portfolio of traditional insurance policies which can be aligned within a risk solution including: D&O, PI and Crime specialised wordings, FSI specific Trade Credit protection, extensive M&A capabilities and innovations such as our Brexit Insurance. We continue to innovate with our clients to create the next generation of insurance solutions.
Our teams of financial lines claims experts deliver industry leading claims insights based on deep business understanding and vast claims experience. We provide practical guidance about exposures and loss control strategies and partner with our clients to achieve expedient and cost effective claims resolution solutions through individually tailored claims service.
Our extensive network of multinational offices enables us to match the global footprint of the largest global financial services companies. Our focus on innovative delivery solutions allow us to not only create meaningful compliant insurance programmes but also tailor and develop those programmes to your organization’s growing needs.
AIGs range of cyber coverages for first and third party exposures and cyber loss prevention and mitigation services are especially valuable to financial services companies. Cyber incidents are becoming more frequent and severe with increasingly significant implications for penalties, litigation costs, and reputational damage.
With our deep financial sector understanding we offer a host of thought leadership and event driven activity including white papers, advisory boards, roundtables to inform clients and generate information sharing and peer benchmarking opportunities as well as claims workshops to inform large loss scenario planning.
Our balance sheet size and strength is on a par with Tier 1 financial services institutions, with our strong credit rating providing clients with reassurance and required regulatory coverages. This financial strength also underpins our capacity to lead and front large primary positions for financial institutions clients.
For Financial Services Institutions looking to retain risk we offer a full spectrum of captive capabilities. With our ongoing analysis and benchmarking of financial institutions claims we also provide a valuable source of data and visibility around attritional losses to allow accurate modelling for our clients’ captives.
This interactive booklet outlines just some of the capabilities delivered by our Financial Services industry group comprised of experts drawn from claims, underwriting and distribution throughout our organisation. Please feel free to download it as a pdf and share with colleagues or clients.
Our industry groups direct our research and insights capabilities to help us better understand each sector’s current and emerging needs . Here is a brief summary of some of issues raised by financial services companies and their brokers during in depth interviews carried out in April 2017 that wse will be exploring further in our ongoing research programme.
Cyber risks are a major cause for concern among Financial Services clients. Banks in particular worry not just about their own cyber exposures, but also about cyber risks brought to them by third parties. For example a cyber attack on a major utility company could expose bank details of thousands of customers. The bank would then need to deploy additional resources to handle the increased volume of enquiries.
Financial services companies and their brokers told us how important risk management modelling and advice is to them. Insurers need to be able to understand the risks that are specific to different financial institutions and help companies protect their businesses.
Having more clarity and certainty about what triggers claims payments and payment timeframes would be invaluable to financial institutions and allow them to manage the expectations of their own internal stakeholders.
Having a specialist claims team with expertise and knowledge of the financial services sector is a cornerstone of good claims experience according to the companies we spoke to. They expect not just a team of experienced claims adjustors, but also a panel of solicitors they can consult.
Financial services risk managers also referred to a sense of isolation, with small teams and limited opportunities to bring wider perspectives to a problem. Insurers are very well placed to create a community of risk and insurance professionals to facilitate networking and sharing information.