FortiFI launches in Australia

We’re pleased to announce that Financial Institutions (FI) product, FortiFI, is launching a new wording for the Australian insurance market at the end of October 2024.

Launched in the US earlier this year, FortiFI is one of the only fully end-to-end FI offerings in the market that features integrated Cyber coverage. The new wording will extend IQUW’s existing FortiFI offering in the US to the Australian insurance market.

Tristram Prior, IQUW’s Financial Institutions Lead Underwriter said: “After our successful launch of FortiFI in the US, our bespoke FI wording will help Australian clients better manage their exposures. Australia is our second largest jurisdiction after the US, and we have a significant small to mid-market client base in Australia which we think would benefit from our market-leading risk management offering. A recent survey by McAfee revealed that 71% of Australian small businesses view cyber-attacks as a major risk, and with regulators openly focussing on emerging digital technologies, sustainable finance and associated risks, there is an increasing need for a blended financial institutions product, which includes cyber security coverage.”

“Given our lead capabilities in both FI and Cyber, IQUW is uniquely positioned to bring this new, combined wording to the Australia market,” added Prior. “In a changing landscape, it is crucial to adapt and innovate when faced with emerging risks, and we remain committed to providing flexible and creative solutions for our client’s evolving exposures”.

FortiFI will have territory-specific coverage in Australia, which will include Management Liability, Professional Liability, Crime, Cyber, Employment Liability, Extensions for Business Interruption, Loss Mitigation, Rectification, and Statutory Liability.

Tilly Milnes, IQUW’s Senior Claims Handler, who was integral to the creation of the new wording, said: “The Australian Securities & Investments Commission’s latest annual report has revealed that its enforcement actions resulted in 130 new investigations against Australian businesses which has led to increased exposure for insureds. IQUW’s experienced, legally-qualified claims team oversee both the FI and Cyber portfolios, providing clients with the benefit of a seamless and consistent claims experience which is vitally important as claims develop.”

FortiFI is targeted to support the needs of private, small-to-mid-market financial institutions, including non-bank commercial and consumer lenders, financial technology firms, stockbrokers, mortgage firms, wealth management, corporate advisory, and insurers.

Find out more about FortiFI Australia here.