Financial Institutions

From Fintech to a growing online banking category, to mergers and acquisitions, the financial industry is going through dynamic change. Sophisticated and future facing risk management programs are needed to meet the new landscape. Gallagher is ready. With financial institutions insurance, risk management and consulting solutions that support and protect you as you navigate your exposures. We offer cyber coverage to professional and directors and officers liability. Gallagher will help you be ready to manage risk as you grow and expand.

Financial institutions stability in a sea of change

Mergers and acquisitions, evolving technology and workforce turnover, the financial industry is constantly facing an unrelenting pace of change. From government oversight and economic headwinds to demographics changes, there are a lot of outside factors that can affect your organization. We can help. Gallagher has honed a practice built on a sound understanding the entire range of financial services from regional banks to fintech companies and global hedge funds. Whether you are looking to conduct insurance policy review or improve your overall employee retention, our financial institutions industry expertise combined with data and analytics tools help close gaps to minimize your operational risk. A sample of our financial services customers include:

Community, regional, super-regional, national and global banks
Broker-dealers
Asset and wealth management firms
Private equity and portfolio companies
Hedge funds
Insurance companies/MGAs/MGUs
Investment banks and advisors
Fintech companies

Serving financial industry risk management needs

As members of the insurance community, we are also part of the financial industry. Our underwriters, producers and claims experts are experienced in looking for exposures and risks that may be hidden. This makes us uniquely suited to design customized insurance and risk management programs because we know firsthand how you work and what support you need. Gallagher’s financial services risk solutions include:

Collateral protection programs
Cyber liability
Transactional liability/reps and warranties
Mortgage impairment (mortgage banking)
Directors and officers liability
Employment practices liability
FI bond/crime
Fiduciary liability
Property and casualty
General liability
Umbrella/excess liability

The best insurance is prevention

Our consultative approach takes into account the kaleidoscope of challenges you face that go beyond risk management. We leverage our global network, benchmarking and thought leadership to ferret out how current trends, regulatory changes and threats can be averted, so you can focus on your institution and servicing your customers. Gallagher supports you with specialized loss control programs, claims advocacy, and a network of expertise that includes:

Cyber risk due diligence – an in-depth analysis to assess your cyber risk profile and establish priorities to lower your reputational and cyber risks
Benchmarking analysis – leveraging our best-in-class data and analytics tools we can illustrate how your coverage compares against others
Fraud coverage for plastic cards – for our banking customers, this specialized coverage is designed to protect bank cards from fraud, including cyber liability.
Claims advocacy – Our claims advocacy team leverages their relationships with carriers for more efficient claims management.

Cultivating a culture of stability and innovation

They say that a good customer experience starts with a positive employee one. At Gallagher, our approach to risk extends beyond simply coverage for liability; we look at your human resources and employee benefits to strengthen your talent as additional protection from loss. With a multi-generational workforce, you are striving to develop a culture that attracts a tech-minded staff who can lead your institution into sustainability. Our dedicated benefits team can provide solutions that help you hire the right people, who can innovate, empathize and inspire. Our services and programs include:

Executive health benefits
Health and welfare services
Healthcare analytics
Human resource services
Healthcare Reform consulting
International benefit services
Retirement services
Voluntary benefits

The Gallagher Difference

Customized solutions for broker-dealer insurance program

The challenge.

The CEO of an independent securities broker-dealer consisting of approximately 500 registered representatives/financial advisors was concerned about their current E&O program from their generalist broker.

The solution.

We conducted a thorough policy and claims review of this technical placement using Gallagher’s CORE360™ approach to evaluating total cost of risk. The team consisted of a claims advocate who is an attorney with technical knowledge of this business.

The result.

The in-depth analysis uncovered overpayments for policies on their two firms, coverage gaps, including selling away coverage, that left them exposed, and assistance with claims completions from the prior policy. We were able to save the client 79% (approx. $300K) on their primary policy. This allowed them to purchase Excess Limits for less than what they paid previously just for primary coverage. Additionally, we worked with underwriters to obtain coverage for the firm which underwriters sometimes do not want to offer. We were also able to obtain additional riders for the Fidelity bond to include issues specific to Broker-dealers.