Simon Gilbert, Elmore
[FH]: What insurance problem are you addressing at Elmore and how do you solve it?
[SG]: Fintechs disrupt the norms and challenge incumbents with new business models and technology, which often leads to rapid growth and international expansion. However, it also means that fintechs pose a high risk for insurers, so it can be challenging to find the right cover. In response, Elmore is building a fintech insurance platform at www.fintechinsurance.com where fintechs of all types and stages of growth can obtain suitable insurance.
[FH]: How does Elmore address insurance as an experience?
[SG]: Insurance is valued in how it responds in the event of a claim – the so-called ‘moment of truth’ for customers. Elmore has made customer service a priority for fintech insurance at every step, from online applications, to a clear and transparent quotations, to products that meet PSD2 regulatory obligations in multiple EU countries. Above all, we are committed to the highest level of support if a fintech makes a claim.
[FH]: What differentiates Elmore from its competitors?
[SG]: We have achieved a number of firsts. For example, our specialist fintech risk management consulting offering, an online fintech insurance application form, one of the broadest policy coverages available in the market, and the capability to service start-ups, scaleups and unicorns, both nationally and internationally.
[FH]: How did you expand to Portugal? What advice would you give for a start-up who is thinking about expansion to Portugal?
[SG]: Basing our EU HQ in Portugal and at Fintech House has been one of the best business decisions we have made. The EU accounted for less than 5% of our turnover last year, but next year we expect it to be over 20%. We have found the regulator is fair, well respected and open to dialogue, and the talent pool is highly educated, professional and competitive. Our advice is to ensure you have a proficient Portuguese speaker/reader as the regulations and in particular the setup process are in Portuguese.
[FH]: Do you have any other products in the pipeline or are you just focusing on insurance for fintechs?
[SG]: Personal cyber insurance is another focus. Because our lives are becoming increasingly digital, we are exposed to a wide range of cyber risks. Online fraud, misuse of personal data, device bricking, data loss, cyber extortion and cyber bullying are just some of the risks. Our cyber product comes with a 24/7 cyber concierge, so if there is a problem, an expert is just a phone call away. We intend to embed the insurance into our fintech customers apps, so that end-users have the benefit of this low-cost but valuable protection.