Regulatory changes, challenges around capital and the low interest rate environment, a changing workforce, evolving technology and data management are all hot topics for financial institutions. However, even more important is the changing face of financial services; social media, mobile technology and internet-based products and services are all changing the way that people and businesses manage their money.
New approaches such as peer-to-peer lending, low cost, internet-only banking and do-it-yourself online portfolio management are all taking a growing share of the financial market. Firms and institutions are actively involving consumers in the way that their products are shaped, as well as harvesting data from social media and online forums to gain customer insights.
While rapid innovation in the sector raises some challenges, it is also a time of great opportunity for those firms that genuinely engage customers and find new ways to add value.
QBE has supported financial institutions for more than 35 years. We work with many of the world’s leading banks, insurers, fund managers, stock exchanges and other financial institutions; for example, we work with two-thirds of the world’s top 50 fund managers, G-SIBs and G-SIIs.
As we know that one size does not fit all in the complex world in which you operate, we work with you and your broker to understand your risks in detail and put together tailor-made cover for your particular circumstances. Crucially, our underwriters are empowered to make decisions and come up with innovative solutions.
We understand that the most important element of an insurance policy is the swift and sympathetic resolution of claims. Claims involving financial institutions are often highly complex and involve multiple parties, so clear, efficient communication is vital. In addition, we won’t hide behind lawyers; we will always look for ways to resolve claims promptly and fairly, while helping you to protect your customer relationships.
Our underwriting and claims team spans our core geographies – the UK, Western Europe, the Middle East, Australia and Canada – enabling us to harness local knowledge for the benefit of our customers. We also have excellent global capabilities; QBE is one of the world’s leading insurers and we provide multinational solutions to some of the world’s largest and most diverse financial institutions.
We offer a range of covers that have been specifically designed for financial institutions, including Financial Institutions' Crime, Financial Institutions' Professional Indemnity, Financial Institutions' Directors’ and Officers’ Liability, Investment Management Insurance, Public Offering of Securities’ Insurance and Pension Trustees’ Liability.
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Our Real Estate team covers a wide range of pension and trust fund managers, banks and other financial institutions for physical damage and loss of rental income. We also protect against the impact of legal liabilities resulting from injuries to employees or third parties, or damage to third-party properties.
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Our Trade Credit cover protects financial institutions from the damaging effects of customer insolvency and payment defaults. This in turn provides invaluable balance sheet protection, safeguards your profit margins and improves access to finance.
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Some of the world’s leading financial institutions rely on us to protect their precious items and artworks on display, in storage and in transit. Our cover encompasses loss of or damage to valuables including currency, bullion, precious stones, documents and works of art.
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Our Employers’ Liability insurance covers financial institutions for their duties under the Employers’ Liability (Compulsory Insurance) Act 1969.
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Our General Liability cover offers financial institutions effective protection against claims for damage or injury brought by third parties.
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We offer comprehensive protection for damage to your organisation’s physical assets, as well as business interruption.
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