Management Consulting
Aon
Full Credential Description
In the rapidly evolving banking industry, mid-market banks faced significant challenges due to the confluence of the pandemic and the rise of fintech challengers, which necessitated a swift digitization of their operating models and customer offerings. This shift led to escalating risks associated with fraud and technology, creating a mismatch between the risk profiles of these banks and the traditional insurance solutions available, which were often siloed and product-centric. To address these niche issues, Aon developed a tailored solution known as FI CyberCrime Plus, a proprietary blended insurance form specifically designed for the banking sector. This innovative approach consolidates coverage for various operational risksincluding network security breaches, data leakage, business interruption, system failures, ransomware, and both internal and external fraudinto a single insurance purchase. By placing this coverage with a single primary insurer, Aon aimed to eliminate the complexities and pitfalls associated with navigating multiple policies and endorsements, thereby providing mid-market banking clients with clearer coverage terms. The results of implementing the FI CyberCrime Plus solution have been significant. Aons integrated team of 40 Cyber Solutions and Financial Lines claims advocates has successfully recovered approximately $4 billion in claims over the past five years, demonstrating the effectiveness of their claims advocacy in the banking and financial institutions sector. Additionally, Aons investment in in-house cyber advisory capabilities, including proprietary diagnostic tools like CyQu, has enabled clients to optimize their insurance underwriting processes, ensuring they secure fit-for-purpose coverage in a challenging cyber insurance market. This comprehensive approach not only aligns with the banks' risk management frameworks but also enhances their ability to navigate the evolving risk landscape effectively.