Shotwell Icon NEW: Find out your Business Risk Profile by taking the Embroker Risk Archetype Quiz today NEW: Find out your Business Risk Profile by taking the Embroker Risk Archetype Quiz NEW: Find out your Business Risk Profile with the Embroker Risk Archetype Quiz Risk Archetype Quiz is Live
Kelsey Bober September 2, 2022 5 min read

Fintech Tackles Risk Management

Two people discussing fintech risk management

Truebill is a leading fintech whose mission is to empower the financial health of millions of Americans. Through its fintech risk management app, Truebill analyzes its members’ spending habits, identifies inefficiencies, and offers immediate methods to improve their financial health. The company enables people to optimize their spending, manage their subscriptions, lower their bills, and automatically set aside money to reach their savings goals. 

The company was founded in 2015 by three brothers, successful veteran entrepreneurs Yahya, Haroon, and Idris Mokhtarzada. Since 2016, Truebill has saved members more than $100 million with their fintech risk management best practices. In 2021, the company was acquired by Rocket Companies. It is headquartered in Silver Spring, Maryland, with offices in San Francisco. 

Truebill is committed to empowering people to live their best financial lives. The fintech risk management app provides members with a unique understanding of their finances through its valuable services to save them time and money. In that way, Truebill gives members a leg up on their financial journey. 

Rocket ship launching to demonstrate aviation and aerospace insurance

How do you handle risk?

Take our Risk Archetype Quiz to find out if your risk mitigation strategies are helping your business thrive, survive, or otherwise.

Take the Quiz

The Search for Fintech Risk Management via Insurance

As a mobile app development and financial software company, Truebill has faced challenges similar to those faced by other fintechs, especially when it comes to mitigating cybersecurity risks. Being a startup, the company also needed protection against the kinds of risks that come with raising funds to drive innovation and growth. 

While looking for cyber liability insurance, Truebill’s management team quickly realized that traditional insurance brokers did not provide the kind of coverage that they, a rising fintech, needed. The prices offered by those insurers were often too high, their coverage was not comprehensive enough, and some insurers did not offer a cybersecurity policy at all. 

Many brokers also required a time-consuming process to get a quote that involved antiquated, long questionnaires, making it extremely difficult to get insurance in a timely fashion. For startups like Truebill that are committed to innovation, devoting so much time and resources to meet the demands of traditional insurers can be a challenge because it distracts developers from focusing on their real work, which is to improve their product and meet customer needs. Truebill was looking for an insurer that would allow its team to focus on growing the business rather than distract them from meeting their goals. 

Embroker’s Fintech Risk Management & Insurance Solutions

While looking for the right insurer, Truebill’s management found the solutions they needed at Embroker. As a leading digital insurance provider, Embroker is ideally suited to help fintech companies such as Truebill. Through its commitment to making insurance radically simple and affordable, Embroker provides companies like Truebill with the opportunity to get fast quotes that can save them time while allowing them to get the coverage they need to protect their business. 

Truebill’s management team was particularly impressed with how easy it was to connect with Embroker’s team, which made it fast and efficient for them to find the insurance policies that they needed. The management team found Embroker  very responsive to their questions, and willing to devote the time and attention needed to make sure Truebill could get the best pricing possible. Embroker’s platform also made it easy to manage the required insurance policies all in one place. 

Embroker helped Truebill to implement a robust process around fintech risk management. They provided Truebill with the resources and advice needed to assess any potential risks, in order to determine what policies were best suited for them to insure their business. 

“Embroker helped us to streamline the insurance process to help with risk mitigation. It saved us a lot of time and headaches, making it easy for us to sleep at night knowing that we’re covered and that our business is protected.” – Peter Holden, Head of Finance and Accounting, Truebill

What Coverage Comes in Fintech Insurance?

Embroker’s expertise in fintech insurance made it easy to identify the policies that Truebill needed to protect its business. Embroker and Truebill designed a number of solutions for full coverage of the company’s exposures to risk. Together they decided:

The Results

With Embroker’s help, Truebill’s business and leadership are now protected by a robust set of fintech insurance policies. Having the right insurance coverage in place means that Truebill’s management and team of developers can focus on running their business and helping their customers, by continuing to innovate and improve their products. 

“Embroker is a perfect vendor and partner for startup companies. They understand the challenges that startups face, and what kind of protections startups need. They have a great set of advisors and a great platform to help protect your business.” -Peter Holden, Head of Finance and Accounting, Truebill

Following its recent acquisition by Rocket Companies, Truebill is looking forward to an exciting new phase in its growth journey. While keeping its focus on developing its products and serving its customers, the company now has the resources and advantages that come with being part of a larger organization. 

Fintech Risk Management Summary

Truebill’s leadership and team of developers are committed to continually improving the company’s personal finance app so that their customers can be empowered to live their best financial lives. The kind of innovation that companies like Truebill invest in to grow is only possible through risk-taking, which is why having the right fintech risk management plan and insurance coverage in place is so important. 

Embroker understands the risks that companies like Truebill face in the digital and financial environment, from cybersecurity concerns to potential liabilities against the company’s leadership and management. At the same time, fintechs and startups also face the challenge of dealing with insurance providers whose policies are often too time-consuming and expensive. That is why Embroker is committed to providing tech companies like Truebill with easy, affordable, and complete insurance coverage, to guarantee effective fintech risk management so that they will be protected as they continue to grow in the future. 

 

Related Articles

How Much Should Consultants Charge? Consulting Pricing Strategy

How Much Should Consultants Charge? Consulting Pricing Strategy

10 min read

Find out how much to charge as a consultant by checking out our guide to creating an effective consulting pricing strategy.

Read More
Risk Management Guide for Cannabis Companies

Risk Management Guide for Cannabis Companies

5 min read

Anyone starting a cannabis business knows they need to manage their numerous risks with a solid cannabis risk management plan. For starters, cannabis remains illegal in several states and at the Federal level. It has a complex supply chain that needs sophisticated seed-to-sale tracking software. It takes a lot of personnel – from growers, to […]

Read More