The fintech and Web3 scene in Switzerland is booming, but innovation is lagging behind when it comes to insurance. In this interview, Simon explains why standard professional indemnity and cyber insurance policies are often unsuitable for fintechs, how boutique providers such as Elmore develop customized solutions and why securing cover early on is crucial for long-term growth.
Simon, let’s start with the big picture: How would you describe the current insurance landscape for fintechs in Switzerland, particularly in terms of professional indemnity (PI/E&O) and cyber risks?
Switzerland has a highly innovative fintech and web3 ecosystem, but the insurance market has not kept up with the pace of change. While professional indemnity and cyber insurance are readily available in theory, in practice the policies on offer are often based on traditional financial services or corporate templates. This means that the unique risks of fintechs – from algorithmic decision-making processes and API vulnerabilities to crypto custody and regulatory technology – are not always adequately addressed. The result is an inconsistent landscape: the capacity is there, but the complexity of insurance coverage lags behind the emerging risks.
Heavyweights such as Zurich, Chubb, AXA, AIG, Hiscox and Berkley are all represented in this area. In your view, what are the strengths of these established players and what are their weaknesses in relation to fintechs?
These established insurers are invaluable due to their financial strength, brand recognition and proven solvency. However, their underwriting frameworks are often based on outdated risk models. For fintechs moving into Web3, embedded finance or AI-powered services, these models are not always flexible enough. The challenge is that standardized policies can exclude critical risks – such as smart contract failures or crypto-crime – causing fintechs to develop a false sense of confidence in their insurance coverage.
Many insurers advertise modular PI and cyber products, but their underwriting often remains very conservative. Where do fintechs most often encounter obstacles in practice or discover painful gaps in cover?
We observe recurring problems in the following areas:
Technology-specific exclusions (e.g. losses in connection with AI errors, programming errors or smart contracts).
Crime and fraud (especially social engineering or crypto theft).
Regulatory coverage (FINMA guidelines, PSD2 and MiCA in the EU).
Incident response (support services often do not have real fintech or crypto expertise).
The gap arises because fintechs need forward-looking rather than retrospective insurance.
Elmore positions itself as a boutique specialist for fintechs and insurtechs. How does your approach differ from that of large brokers such as WTW or Marsh?
We are small enough to act quickly, but global enough to have access to the entire Lloyd’s and corporate market. Our unique selling point is that we develop products around fintech risks rather than trying to retrofit traditional covers. We sit down with insurers, explain the technology to them and develop solutions that anticipate future risks. A global broker may offer scale, but a boutique like Elmore offers depth, precision and focus, coupled with quality service.
You work closely with the insurers at Lloyd’s, a name that carries weight worldwide. What specific advantages does this bring for a fintech start-up in Zurich or in Switzerland’s Crypto Valley?
At Lloyd’s, innovation in the insurance sector happens first. For a fintech company in Switzerland, access to Lloyd’s means access to global capabilities and specialized insurers that already insure crypto custody in Hong Kong, AI lenders in the US or neobanks in the UK. This allows Swiss startups to tap into international best practices and state-of-the-art wordings, giving them a competitive advantage in securing partnerships, investors and regulatory approvals.
Elmore also offers cyber security certification. Why is this additional layer so important for risk assessment and premium setting today?
Cyber insurance is only as strong as the insured’s resilience. Certification closes the gap between IT security and insurance cover. By reviewing the security situation in advance, we not only help our customers achieve better premiums, but also reduce the likelihood of claims. In today’s world, where a single security breach can jeopardize funding or licensing, this level builds confidence among board members, investors and regulators alike.
Let’s talk about the biggest risks: Which risks are currently the most difficult for Swiss fintech companies to insure against: crypto assets, payment services, PSD2 compliance?
Crypto assets remain the biggest challenge due to their volatility, custody risks and the patchy regulatory environment. Payment services are close behind. While PSD2 has opened doors for innovation, it has also created complex chains of liability that require tailored cover to respond effectively. Compliance risks are insurable, but only if companies can demonstrate robust governance and security frameworks.
Many start-ups underestimate the time factor when it comes to insurance. Why should fintech companies take out insurance cover today for risks that will not reach their peak until 2026?
Insurance markets can change quickly. If you wait until the risks are obvious or until regulation forces your hand, insurance capacity can be limited and premiums punitive. By taking out insurance early, fintechs secure coverage, build relationships with insurers and create a stable risk transfer framework that grows with them. It’s about securing future insurability, not just ticking a box today.
Is there a significant difference in risk profiles between traditional fintechs such as neobanks and the newer wave of players such as crypto platforms or insurtechs?
Yes, neobanks are still confronted with risks that are rooted in the banking industry, such as payments, fraud and data breaches. Crypto platforms, on the other hand, face existential risks: Custody of digital assets, market volatility and reputational damage from events such as hacker attacks on exchanges. Insurtechs fall somewhere in between, as their risks are more related to public liability and technology E&O. Each profile requires a different way of looking at things, and a one-size-fits-all approach doesn’t work.
Let’s look at Switzerland in particular: what is Elmore’s market launch strategy here?
We see Switzerland as a hub for fintech and web3 innovation. Our strategy is to partner with brokers, accelerators, legal advisors and venture capital funds to reach startups early in their development. By integrating insurance into the growth system rather than selling it as an afterthought, we position ourselves as a trusted partner rather than just a provider of policies.
Do you see room for partnerships with Swiss insurers or will you continue to focus exclusively on international markets and capacities?
Both. Swiss insurers bring local expertise, reputation and regulatory compliance to the table. However, international capacities are often essential for new risks such as cryptocurrencies or AI. We want to combine strengths: local knowledge with global reach.
Five years ahead: How do you think the demand for customized PI and cyber solutions will develop among fintechs?
Demand will grow exponentially. With the proliferation of AI, quantum computing and Web3, regulators will demand greater accountability. Investors will expect risk transfer as part of due diligence. Fintechs that view insurance as a strategic infrastructure – rather than an afterthought – will be better positioned to succeed.
A personal question: What motivates you to work in this niche where even some of the biggest insurers are hesitant to take bold steps?
I have always been fascinated by how innovation creates both opportunities and risks. Fintechs and Web3 pioneers are rewriting the financial system. It’s very satisfying to help them succeed by developing safeguards that didn’t exist before. It’s about enabling progress responsibly.
One final question: What advice would you give to a Swiss fintech founder who is just starting out and is perhaps tempted to think: “Insurance can wait”?
Insurance is not a cost, but a driver of growth. Without it, partnerships come to a standstill, investors hesitate and regulators ask questions. The earlier you deal with it, the more control you have over terms, pricing and scope. My advice is simple: treat insurance like compliance or cybersecurity, as an integral part of your foundation, not something you wish you had later.
The questions were asked by Binci Heeb.
Simon Gilbert is the CEO and Founder of Elmore Insurance Brokers, a specialist firm dedicated to protecting businesses against emerging threats and new technology risks. An early pioneer in cyber and digital risk insurance, Simon has spent 25 years innovative solutions for financial institutions and payment providers navigating complex regulatory and operational exposures. Under his leadership, Elmore has become a trusted partner for fintechs, digital asset firms, and financial service innovators across Europe and beyond. Simon’s expertise spans professional indemnity, cyber liability, crime, and regulatory cover, with a forward-looking focus on the challenges created by Web3, digital assets, and AI-driven business models. With deep market knowledge and close ties to Lloyd’s and leading insurers, Simon has positioned Elmore at the forefront of insuring tomorrow’s financial ecosystem—helping clients manage risk as they transform the future of finance.
