REG, an online due diligence and regulatory compliance platform, has been selected by insurance giant Lloyd’s to assist in recording data and to help reduce the administrative burden on UK coverholders.
Lloyd’s, which claims to be the world’s specialist insurance and reinsurance market, said it will use the REG platform to capture and maintain up-to-date public market data, initially on all its UK based coverholders. It will feed this information directly onto Atlas, the Lloyd’s repository for coverholder data.
Paul Brady, Lloyd’s head of policyholders and third-party oversight, said: “The REG platform enables us to utilise a proven and award-winning InsurTech solution that benefits our coverholders by reducing the amount of data they are required to keep up to date.”
London-based REG is an on-line due diligence and regulatory compliance platform for Counter-party Risk Management in the UK Insurance industry.
It claims to save its clients time and money, and also reduces the duplication of wastage associated with industry standard compliance processes. The company’s online broker due diligence and regulatory compliance solution aggregates key financial, corporate, sanctions and regulatory data from multiple sources and digitises the exchange of TOBA’s and other regulatory documents.
REG said it will continue to develop its platform services to support Lloyd’s coverholder management activities. It plans to launch of an international coverholder capability in early 2018 and expand the range of data points that REG updates on Atlas.
Michael Phair, CEO of REG, added: “We are delighted to be able to assist Lloyd’s. The REG platform will allow coverholders to focus on adding value to their clients and growing their business by removing the burden of manual inputs of key corporate and compliance data.”
Half of all European RegTech deals were completed in the UK in the past three years according to the Global RegTech Review. In 2012, the UK accounted for 62.5% of all RegTech deals in the continent, dropping slightly to 58.1% in 2016. The only year in which the country didn’t hold the top spot was 2013, when Ireland gained 38.5% share compared to the UK on 30.8%.
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