At a time when the number of criminal investigations against companies and their representatives is increasing, Insurtech Finlex is expanding its product range and is now offering a new digital placement process for special criminal legal protection insurance for companies. The risk carrier is ROLAND Rechtsschutz-Versicherungs-AG. In light of the risks associated with these kinds of investigations, this insurance forms part of a comprehensive risk management for any company.

Risk of criminal investigation

Even companies and managers who are convinced that everything at their company is really run in accordance with the law can quickly attract the attention of investigating authorities, whether due to an anonymous tip-off or a criminal complaint from an authority or a competitor.

A successful defence against criminal charges requires specialist lawyers, who often only charge for their services on a fee basis. Since the proceedings can stretch over a lengthy period of time and can be decided in several courts, and costly private survey reports may be required, as well as other qualified experts such as tax advisors, etc., the overall costs incurred can very quickly reach a level that threatens the company’s very existence. Furthermore, companies should not underestimate the reputational damage caused by negative publicity in the press which can also have an economically damaging impact on a company.

Digital platform product

Finlex offers this special criminal legal protection insurance for companies through its online platform with ROLAND Rechtsschutz-Versicherungs-AG as the risk carrier.

“We are proud to be the first provider of criminal legal protection insurance on Finlex’s Austrian platform. We regard this as a clear mandate to demonstrate our superior expertise in this area as well. Particularly in times when the risk of criminal proceedings is continuously growing, Finlex’s entry into criminal legal protection insurance in the domestic market is absolutely the right step,” says Martin Moshammer, Head of the Austrian branch of ROLAND Rechtsschutz-Versicherungs-AG.

“In addition to D&O & Cyber, we are now pleased to be able to offer criminal legal protection insurance on the Finlex platform as our third Financial Lines product – and to do so working with ROLAND, a proven expert in criminal legal protection insurance, as the first insurance partner,” adds Dr Peter Loisel, Country Head Austria at Finlex.

The underlying USRB-U Plus 2022 wording of the insurer provides insurance cover at levels well above the average. The premiums and the underwriting guidelines of the insurer have been set up in the platform. There are just few “no-go” industries in the industry catalogue, which are comparable to the “no-go” industries already known from the D&O insurance. Brokers can quickly and simply get a fully-automated offer for their clients for most industries and with minimal risk information required. At the beginning of the cooperation, insured sums of EUR 0.3 million and EUR 0.5 million per claim within an insurance period will be available. Brokers can also use a landing page, where their customers will receive the questionnaire and useful product information via an e-mail link.

“Since the beginning of our activities in Austria, it has been very important to us at Finlex to be able to offer our broker partners – in addition to our extensive D&O Finlex special concepts that mostly also contain some sub-limited criminal legal protection coverage extensions – a stand-alone full criminal legal protection insurance via the platform as a digital product and as a meaningful addition to the D&O insurance” explains Zuzana Ruzsikova, Financial Lines Insurance Expert Austria & CEE.

 

 

The following images are released for reprint with the restriction of editorial, non-commercial use.
Mag. Martin Moshammer | (Press photo)
Dr. Peter Loisel | (Press photo)
Mgr. Zuzana Ruzsikova.  | (Press photo)

Photo credits: Finlex GmbH

About Finlex GmbH

Finlex – the leading digital marketplace specializing in Cyber and Financial Lines insurance in Europe – combines a state-of-the-art digital platform, deep insurance expertise, and an ecosystem to meet the needs of brokers and insurers alike and serve commercial customers in an unprecedented way. Finlex creates products that are more competitive, more individual, and easier to use – with the aim of revolutionizing industrial insurance.

Finlex combines expert commercial and industrial insurance knowledge with the most advanced technology. The customer’s needs always come first and foremost. The platform offers insurance brokers with a focus on corporate clients a white-label solution with market-leading specialty products and all relevant insurers in one place. From tendering to policy, renewal, and portfolio functions to an extensive knowledge base, the platform provides brokers with their own digital infrastructure. For insurers, it enables automated underwriting (robo-underwriting) for Financial Lines products and access to leading industry brokers in Germany, Austria and France.

Finlex is headquartered in Frankfurt am Main with offices in Berlin, Düsseldorf, Essen, Paris and Vienna. The company was founded in 2015 and already employs nearly 130 people.

More information at finlex.io.