Swiss fintech company METACO announced that a panel of London insurers arranged by professional services firm Aon will provide a crime insurance product to its clients using SILO, METACO’s crypto asset storage technology for financial institutions.
SILO is a hot-to-cold wallet management solution designed for financial institutions, which is capable of protecting digital assets from the loss, damage, destruction or theft.
METACO CEO and founder Adrien Treccani said: “It is unique for a technology company, such as ourselves instead of the end client, to work with Aon to bring this to market.
“Insurance is an essential requirement for banking clients and METACO is excited to be able to facilitate insurance for our clients through the leading broker for crypto insurance solutions.”
Prior to the AON’s offering, SILO’s security model was assessed, which combines purpose-built, tamper-proof hardware and software security. The assessment made SILO the first self-custody technology platform to achieve the distinction.
During evaluation of crypto asset custodian’s offering, insurers mostly evaluate the custodian’s approach to compliance and AML, the technical infrastructure and its implementation, and the operational and physical security.
METACO said that the new arrangement with Aon indicates a simplification of the underwriting process for both insurers and clients, as the insurer’s technical requirements are largely met out-of-the-box.
In 2018, METACO launched SILO, the crypto asset storage solution for banks trusted by market infrastructure providers and banks including Avaloq, Swisscom, Gazprombank, Deutsche Börse and Sygnum.
Aon UK financial services team director Jeff Hanson said: “Aon is pleased to have pioneered the formation of an insurance solution covering theft of crypto assets for the benefit of METACO’s customers while utilising the SILO platform.
“The METACO team worked in conjunction with Aon to highlight to insurers the robust nature of the SILO system, which resulted in a bespoke insurance product being granted by a panel of London insurers.”
With 50,000 staff operating in 120 countries, AON offers a range of risk, retirement and health solutions, and empowers clients through proprietary data and analytics to reduce volatility and improve performance.