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Submission: On May 01 via manual from DE — Scanned from GB
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This website uses cookies to ensure you get the best experience on our website. View our policy I Accept * Product * REG Exchanges * Knowledge * Blogs * REG Reviews * Whitepapers * Videos * About Us * Team * Working at REG * Partnerships * Contact Us * Login Sign Up Sign Up F A S T E R . S M A R T E R . S A F E R . Onboarding and lifecycle solutions for regulated businesses. * Book a demo * Explore features LOCATE >ONBOARD >MANAGE >ACCELERATE FIND COMPANIES YOU WANT TO TRADE WITH, ONBOARD THEM FAST AND MAINTAIN OVERSIGHT THROUGHOUT THE CUSTOMER LIFECYCLE. WE PUT YOU IN CONTROL OF YOUR B2B TRADING, LEGAL AND COMPLIANCE RISKS. Powerful global search facility Rapidly conclude onboarding processes Continual business risk monitoring Build your B2B Network and grow your business Powerful global search facility Rapidly conclude onboarding processes Continual business risk monitoring Build your B2B Network and grow your business Powerful global search facility Rapidly conclude onboarding processes Continual business risk monitoring Build your B2B Network and grow your business BUSINESS LOCATOR B2B starts with a search. Find your next trading partner and a snapshot of their key business information. Enabling you to rapidly decide whether to proceed. Assess a business before contacting them. Learn more ONBOARD YOUR NEW CONNECTION Assess detailed business and individuals' intelligence data. Digitally capture additional information from your connection and exchange terms of service contracts. Learn more PEACE OF MIND Manage risks of compliance and AML violations, credit and regulatory issues and overall 'health' of your connection. REG stays on top of this so you don't have to. Learn more BUILD COMPLIANT TRADE REG makes it easy for people to do business with you. Onboard your connections in minutes rather than weeks, getting you to revenue faster. Learn more Book a demo CONTROL RISKS WITH THE REG NETWORK IN A REGULATED WORLD WITH EVER INCREASING CHALLENGES WE’RE TRANSFORMING HOW BUSINESSES MEET, CONNECT AND START TRADING IN A FASTER, SMARTER AND SAFER ECOSYSTEM. Learn more about the REG Network WE'RE TRUSTED BY 300+ REGULATED CUSTOMERS, WHO HAVE RATED US AN NPS SCORE OF 55 (GREAT). REGULATED BUSINESSES OF ALL SHAPES AND SIZES HAVE TRANSFORMED THEIR PROCESSES WITH THE REG NETWORK. * Helping our partners TALK TO US ABOUT HOW REG TECHNOLOGIES CAN HELP YOU BOOK A DEMO OF REG NETWORK Choose a time to suit you and meet one of our experts Book a demo with us SUBSCRIBE TO REG REVIEWS Our monthly round up of news and views in the insurance and financial services world! First Name* Last Name* Company Name* Email* By signing up for newsletter updates you agree to our privacy policy KNOWLEDGE CENTRE Your knowledge hub for tips, views and information in the Regtech world. Explore our collection of news, insights and articles. BUILDING A FASTER, SMARTER, SAFER MARKET: RESEARCH REPORT 2024 This research report delves into the challenges posed by the ever-evolving regulatory landscape, which have resulted in decreased process efficiency and compliance impacts. Despite the proliferation of technology, the market remains hesitant to fully embrace regulatory technology (RegTech) solutions. However, businesses that have adopted RegTech have experienced significant benefits in streamlining their compliance operations. How can the market overcome the barriers and leverage technology to thrive in the face of regulatory pressures? Learn more REGTALKS: THE INSURANCE INDUSTRY’S KNOWLEDGE & UNDERSTANDING OF REGTECH Join Zoë Parsons, Ady Hall, Ellie Davison and Sacha Skerton, as they delve into the insurance industry's awareness and perception of RegTech, discuss the key benefits of the software that stand out to prospects and debate whether distributed working has shifted the sector's views on the need for regulatory management tools. Learn more REGTALKS: CUSTOMER CHALLENGES Join Zoë Parsons, Nathan Banfield and Sandra Jerinic, as they provide insight on the biggest challenges facing customers before adopting a Regtech solution, the main benefits of the software which drive their onboarding decision, and the impact distributed working has had on customers' abilities to stay on top of their regulatory obligations. Learn more MANAGING B2B TRADING, LEGAL, AND COMPLIANCE RISKS FOR INSURERS In an era defined by rapidly evolving financial regulations, the insurance industry stands at a crucial point. Insurers are increasingly confronted with a landscape of regulatory and compliance obligations. These requirements are essential for safeguarding the financial system, yet they present considerable operational challenges... Learn more REG REVIEWS – APRIL 2024 Last month, the FCA urged financial advisors to review retirement income advice processes, whilst raising concerns within the motor sector regarding fair value, Lloyd's predicted generative AI to increase cyber threat risks, the UK Parliament released its much anticipated 'Sexism in the City' report, and REG launched its new Partnerships Programme... Learn more UNLOCKING PARTNERSHIP POTENTIAL WITH REG TECHNOLOGIES Broaden your horizons, elevate your status and reap the rewards... Learn more ACCELERATING TRADE PARTNER ONBOARDING WITH REGTECH In an industry where success hinges on strong relationships, insurance and financial services companies must prioritise integrity, trust, and diligence when forging new business relationships. However, navigating the intricacies of regulatory and statutory obligations often creates obstacles for these relationships from the start. The complexities of regulatory adherence have been cited to impede regulated firms’ abilities to effectively initiate new partnerships; hindering growth and stifling innovation. Now, with the growing emergence of RegTech, businesses can streamline compliance processes and accelerate trade partner onboarding, ultimately setting them up for sustained success... Learn more REG REVIEWS – MARCH 2024 Last Month, the FCA labelled fair value and pricing as the biggest challenge of Consumer Duty, pension funds drove a surge in UK corporate bond investments, insurers rallied for an investment boost with innovative partnerships and REG published its 2024 research report, exploring the evolving landscape of regulatory compliance and the use of technology... Learn more BUILDING A FASTER, SMARTER, SAFER MARKET: RESEARCH REPORT 2024 This research report delves into the challenges posed by the ever-evolving regulatory landscape, which have resulted in decreased process efficiency and compliance impacts. Despite the proliferation of technology, the market remains hesitant to fully embrace regulatory technology (RegTech) solutions. However, businesses that have adopted RegTech have experienced significant benefits in streamlining their compliance operations. How can the market overcome the barriers and leverage technology to thrive in the face of regulatory pressures? Learn more TAKE A LOOK AT INDIA: ONE OF THE FASTEST GROWING INSURANCE MARKETS IN THE WORLD India's insurance market has soared to unprecedented heights in the past decade, experiencing double-digit growth and positioning itself as one of the world's fastest-growing sectors. This surge is fuelled by rising incomes, increased awareness, and strategic collaborations with cutting-edge RegTech. Navigating through intricate regulatory landscapes, India's insurers embrace challenges and innovation, influencing global trends... Learn more REG REVIEWS – FEBRUARY 2024 Last month, The FCA and the UK Government invited feedback on three proposals designed to improve individuals' decision-making regarding investments and pensions, The IMF suggested that almost half of jobs will be impacted by artificial intelligence and the FCA has highlighted the importance of reporting cases of non-financial misconduct, even if individuals have signed non-disclosure agreements. Read these articles and many more, as we bring you all the important news from the insurance and financial services world... Learn more CONSUMER DUTY: CHALLENGES AND PRIORITIES FOR 2024 The Consumer Duty, enacted by the UK’s Financial Conduct Authority (FCA) on July 31st, 2023, represents a pivotal regulatory shift, mandating firms to prioritise customer interests and elevate outcomes. Applicable to all entities regulated by the FCA, spanning insurance firms, banks, and investment companies, the Duty extends across the spectrum of products and services offered to individual consumers and micro-enterprises. Since enforcement, adherence to the Duty has brought forth an array of challenges for firms subject to the new rules. With regulators imposing strict scrutiny, let’s explore the challenges around compliance with the Duty and how firms can overcome them... Learn more UPHOLDING INTEGRITY: MITIGATING FINANCIAL RISKS THROUGH SUPPLY CHAIN DATA MANAGEMENT In the financial services sector, where trust and integrity are paramount, the acquisition and management of data within the supply chain play a pivotal role in upholding regulatory compliance and thwarting financial risks like money laundering, terrorist financing, and other forms of financial crime. The importance of meticulous data gathering and oversight from entities in these chains cannot be overstated. Let's delve deeper into the criticality of this data, the challenges it poses, and strategies to navigate this intricate landscape... Learn more REG REVIEWS – JANUARY 2024 Last month, the FCA unveiled an overseas funds regime and measures to improve accuracy of credit files, $420m was pledged to climate ‘loss and damage’ fund at COP28, the digital pound has been cautioned to pose risks to financial stability and the UK insurance sector advocated for relaxed regulations to better attract captive insurance companies. Learn more BEYOND PAPERLESS: WHY DIGITISATION ALONE ISN’T ENOUGH FOR BUSINESS TRANSFORMATION For the last decade the push for paperless operations has been fervent. Countless businesses have embraced the digitisation of their once-manual, paper-based processes in a bid to modernise and streamline operations. The allure of going paperless is undeniable - reduced clutter, environmental benefits, and the promise of enhanced efficiency. However, the reality often falls short of these lofty expectations... Learn more TRADING INSURANCE INTERNATIONALLY: WHERE REGULATION STARTS AND ENDS The absence of standardised global regulations creates a challenge for international insurers that requires them to navigate diverse compliance standards across jurisdictions. This diversity directly impacts day-to-day operations, emphasising the need for meticulous understanding and effective risk mitigation strategies. Regulatory Technology (RegTech) emerges as a crucial ally, offering adaptable frameworks to seamlessly navigate and unify compliance measures, providing insurers with a robust solution for efficient and compliant international insurance trading. Learn more REG REVIEWS – DECEMBER 2023 Last month, the FCA urged companies to ensure Consumer Duty reports are a priority, the UK made headway following the publication of the world's first global guidelines for the secure development of AI technology, the UK government pushed regulators to prioritise economic growth and REG hosted its much anticipated Mind Matters panel event, focused on how we can work together to ensure mens mental health at work is supported... Learn more MIND MATTERS: PANEL EVENT Panel discussion in support of Movember, addressing the challenges men face regarding mental health at work, how we can break down the barriers and how as employees and colleagues we can work together to foster supportive environments where everyone's mental wellbeing is valued. Learn more DEATH BY SPREADSHEET: ARE SPREADSHEETS KILLING YOUR BUSINESS? For the last 40 years, spreadsheets have been an essential tool for managing and analysing critical information. However, their seemingly innocent simplicity can lead to a slew of problems that might be silently eroding your company's efficiency and competitiveness. In this blog post, we'll delve into the perils of over-reliance on spreadsheets and explore how RegTech can provide a lifeline for businesses drowning in data. Learn more MEN’S MENTAL HEALTH AT WORK: BREAKING THE SILENCE In a world that often revolves around expectations of strength, resilience, and endurance, we often overlook the hidden crisis that is steadily engulfing the lives of men. Men's mental health issues are a growing epidemic, and it's crucial we shed light on this critical topic, raise awareness and acknowledge the importance of addressing the unique challenges men face regarding their mental wellbeing... Learn more REG REVIEWS – NOVEMBER 2023 Last month, BIBA introduced a fair value assessment framework, leaseholders have been prioritised under the FCA's buildings insurance reforms, Lloyd's of London warned on climate related losses and humanoid robots are driving workplace efficiency... Learn more FOCUS ON ESG: WHAT IS SUSTAINABILITY REPORTING? Sustainability has emerged as a paramount concern for insurance and financial services companies. Beyond mere corporate responsibility, sustainability now holds the key to mitigating risks and satisfying the ever-heightening expectations of stakeholders. At the heart of this commitment to Environmental, Social, and Governance (ESG) principles lies the practice of sustainability reporting—an essential tool for modern businesses seeking to make their mark in a responsible, ethical, and transparent manner... Learn more WHERE IT ALL STARTED: LLOYD’S REOPENS TO FACE TO FACE TRADING, BUT WHERE DID IT ALL BEGIN? The Lloyd's market is one of the most iconic and influential institutions in the global insurance and reinsurance industry. Its history is a fascinating tale of innovation, resilience, and adaptability over its near 335-year reign. From humble beginnings to now the world’s leading market for specialist insurance, where did it all start? Learn more REG REVIEWS – OCTOBER 2023 Last month, the Government announced modernised reforms to insolvency regulation, the Vesttoo scandal underscored the importance of enhanced due diligence among MGAs, asset managers sparked concerns of ‘green hushing’ and AI implementation saw revolutionary transformations to air traffic control and coral reef restoration! Learn more NAVIGATING PEPS AND SANCTIONS RISKS: HOW REGTECH REVOLUTIONISES ENHANCED DUE DILIGENCE In today's dynamic financial landscape, regulatory compliance is a necessity for regulated institutions worldwide. Among the myriad compliance challenges, managing risks associated with Politically Exposed Persons (PEPs) and sanctioned individuals demands rigorous scrutiny... Learn more UNRAVELLING REGTECH: SIMPLIFYING REGULATORY TECHNOLOGY AND ITS ROLE IN FINANCIAL SERVICES In the complex world of regulatory compliance, ever-changing regulations pose significant challenges for financial services firms. Traditional manual processes are struggling to keep pace with evolving regulations, leading to the rise of RegTech, which uses sophisticated data analytics to streamline compliance, automate processes and enhance regulatory management for financial institutions... Learn more REG REVIEWS – SEPTEMBER 2023 Last month, the FCA launched an investigation into rules around banks and political exposed persons, the UK government accelerated the fight against carbon emission reduction through AI investment, the nightlife sector appealed to insurers for support amid capacity crisis and REG released our enhanced Declarations feature. Learn more EMBRACING CUSTOMER-CENTRICITY: THE KEY TO SUCCESSFUL SAAS PRODUCT DESIGN The growth of B2B SaaS products over the past decade has been nothing short of remarkable. With the advent of cloud computing, businesses have witnessed a transformative shift in how they procure and utilise software solutions. This shift has been fuelled by the undeniable advantages that B2B SaaS offers: scalability, cost-effectiveness, and accessibility, just to name a few... Learn more ENHANCING TRANSPARENCY: THE SIGNIFICANCE OF UBOS, DIRECTORS & OFFICERS DECLARATIONS In an era where regulated businesses are increasingly seeking transparency from their trading partners to ensure compliance with regulatory requirements and AML obligations, challenges in identifying Ultimate Beneficial Owners, Directors and Officers are leading to a lack of oversight and governance. Now, with the advent of RegTech, these processes have been streamlined and enhanced, underscoring the critical importance of transparency in today's corporate world... Learn more TACKLING MONEY LAUNDERING: SAFEGUARDING THE FINANCIAL SERVICES MARKET Money laundering is a pervasive financial crime that poses significant threats to the integrity and stability of the global financial system. Criminals use money laundering to disguise the illicit origins of funds obtained through illegal activities such as drug trafficking, corruption, and terrorism. As a result, stringent AML regulations have been developed to protect the financial services market from being exploited by these criminals... Learn more HOW COMPLIANCE SOFTWARE CAN ALLEVIATE REGULATORY BURDEN In today's rapidly evolving business landscape, regulatory compliance has become a significant challenge for financial institutions and other regulated industries. The ever-changing and complex regulatory requirements place a heavy burden on organisations, leading to increased costs, resource allocation, and operational inefficiencies. However, a silver lining appears through the rise of compliance software, which serves as an innovative solution to manage the abundance of regulatory requirements... Learn more REG REVIEWS – AUGUST 2023 Last month, MGAs were revealed to be paving the way for tech adoption, the FCA launched a review into asset managers' liquidity management, brokers were urged to address climate change risks and Geneva hosted the world’s first ever human-robot conference... Learn more REG REVIEWS – JULY 2023 Last month, the FCA cracked down on Principal Firms, brokers were seen to be leading the way with Consumer Duty preparation, and with the annual MGAA conference only a few days away, REG sat down with CEO, Michael Keating, to discuss all things MGAA and how the Association is transforming the market for its members. Read these articles and many more, as we bring you all the important news and views from the insurance and financial services world… Learn more SPOTLIGHT ON MGAA ANNUAL CONFERENCE WITH CEO, MICHAEL KEATING… With the biggest event in the MGAA calendar only a week away, and REG being the official 2023 App Sponsor, we sat down with Michael Keating, CEO of the Managing General Agent’s Association (MGAA) to discuss all things MGAA and how the Association is evolving the insurance landscape and shaping the market for its members... Learn more PAUL TASKER: THE FUTURE OF REG With REG's impressive growth over the last few years and recent expansion into new markets, we asked CEO, Paul Tasker, what the company's biggest achievements have been since his appointment, the goals for next year and what the future holds for REG... Learn more THE IMPORTANCE OF HUMAN TOUCH – WHY B2B BUSINESSES MUST PRIORITISE RELATIONSHIP BUILDING IN THE DIGITAL AGE In an age where we are leaning more and more towards technology and AI, have we lost the essential human touch needed for business relationships and what can we do to maintain them? Learn more MGAA WEBINAR: HOW MGAS CAN SUPERCHARGE THE AGENCY EXPERIENCE It’s nearly 20 years since statutory regulation of general insurance placed the acronym TOBA into everyday insurance talk. Agency application processes have developed little in that time, with brokers still reporting that their onboarding journeys with suppliers are slow, repetitive and leave business opportunities missed. Many MGAs limit the number of brokers they trade with, simply because of the drama associated with opening an agency! With online bank account opening, mobile onboarding, e-signatures, and pre-filled forms we ask…How can MGAs use tech to rapidly find, engage, sign and trade with new producers in an on demand, global, digital marketplace? Learn more REG REVIEWS – JUNE 2023 Last month, FCA's commission crackdown turned the spotlight on binders, BIBA released 'Brokers Guide to ESG', 'ghost broking' incidents are worryingly rising and CEO, Paul Tasker, sat down with Insurance Age to talk all things RegTech and how regulation technology is transforming the insurance sphere... Learn more REG REVIEWS – MAY 2023 Last month, regulatory focus extended to crypto and AI sectors, the FCA partner with influencers to battle financial scams, REG automated German licensing data and cybercriminals scare the nation with new founded AI voice cloning scams... Learn more PUSHING POSITIVE CHANGE: WOMEN IN INSURANCE PANEL EVENT Panel discussion addressing the challenges facing women in the market around representation, gender pay gap, discrimination and unconscious bias and how we can promote positive change to action fairer and equal opportunities for women in insurance. Learn more REG REVIEWS – APRIL 2023 Last month, heightened insurance premiums rocked society amidst cost-of-living crisis, a robot made history through performing surgery, the market prepares for SMCR reforms and an enhanced focus on D&I has materialised... Learn more CONTRACTS, TOBAS & CONSUMER DUTY With thousands of businesses reissuing TOBAs to cater for new Consumer Duty obligations, we take a look at the importance of written agreements in B2B relationships and how firms can manage their obligations efficiently... Learn more WOMEN IN INSURANCE: PUSHING POSITIVE CHANGE Amidst a time where underrepresentation and inequality are rife within the workplace, how does the insurance sector not only champion inclusivity, but also succeed in female retention? Learn more REG REVIEWS – MARCH 2023 Last month, reinsurers' policy inflations began to destabilise the market, the treasury forecasts the introduction of the digital pound,and the FCA have urged financial services to commit to consumer duty, whilst calling out the whole insurance market to action allegiance to ESG commitments... Learn more MANAGING CORRUPTION RISKS FOR FINANCIAL SERVICES FIRMS The FCA and US Authorities are committed to enforcing anti-corruption and anti-money laundering laws and regulations to protect the integrity of the financial system and to prevent financial crime. In this article we look at the risks and the controls financial services firms should consider... Learn more REG REVIEWS – FEBRUARY 2023 Last month, concerns around brokers' naivety of Consumer Duty were brought to light, a robot prepares to become a defence lawyer and OpenAI's ChatGPT has taken the internet by storm with its revolutionary imprint on the AI landscape... Learn more REG REVIEWS – JANUARY 2023 Last month, the FCA revealed the next steps for FSCS , reports suggest there will be increases in cyber budgets and the the first UK space launch is granted its licenses... Learn more REG REVIEWS – DECEMBER 2022 Last month the FCA released the long awaited Personal Lines data, we saw updates on the Solvency II Reforms and the CII issued apologies after experiencing their latest cyber attack... Learn more THE FUTURE OF TECHNOLOGY PANEL EVENT Panel discussion on the insurance industry's reluctant adoption of digitisation, what the sector needs to address, the barriers to accelerating digitisation in the insurance market, and as we look to the future, how can technology providers show the importance of tech solution adoption in the market. Learn more REGULATING THE FUNERAL PLANS SECTOR On July 29th 2022, the Financial Conduct Authority (FCA) brought the funeral plan sector within its scope of regulation. This means that businesses providing funeral plans will now be expected to meet and adhere to industry standards as outlined by the FCA... Learn more THANK YOU AND GOOD LUCK TO OUR MARKETING INTERNS! The time has come to say goodbye to this year's Marketing Interns; Ellie Moeran and Julia Palos. We'd like to thank them for their commitment and contribution to REG's marketing activities throughout the year and wish them well as they head back to University to complete their final year of studies! Read all all about their experiences from a year in industry... Learn more THE RISK OF HACKERS AND HOW YOU CAN PROTECT YOURSELF FROM CYBER ATTACKS Nowadays, cyber scams are not uncommon. In fact, every single day, con artists are searching for their next victim. Worse yet, even if you think you're not worth being targeted by online predators, you need to think again... Learn more ADVERSE MEDIA SCREENING The insurance industry and the regulatory requirements around counterparty risk is always evolving, and so the obligations to minimise the risk and safeguard customers is becoming much more challenging for insurance companies. In the wake of COVID-19, financial crime continues to increase and whilst not all of these can be stopped, it is crucial they are recognised. Learn more YOUNG PEOPLE IN INSURANCE AND THE BARRIERS THEY FACE ENTERING THE MARKET In today's challenging job market, still in the midst of the Great Resignation, every industry is facing recruitment challenges and struggling to attract young talent. But for the insurance sector, these challenges are more acute than most, and they're nothing new. But why are the younger generations not being attracted to the insurance sector? There are a number of reasons for this... Learn more REGTALKS: DISTRIBUTED WORKING AND THE HOPE FOR THE FUTURE Join Zoë Parsons, Bradford Bines and Victoria Slade, as they reflect on their experiences of working from home, discuss how the insurance industry's perception of RegTech has changed throughout the pandemic, and as we look towards the future and restrictions begin to ease, find out how they think the market will return. Learn more REGTALKS: THE INSURANCE INDUSTRY’S KNOWLEDGE & UNDERSTANDING OF REGTECH Join Zoë Parsons, Ady Hall, Ellie Davison and Sacha Skerton, as they delve into the insurance industry's awareness and perception of RegTech, discuss the key benefits of the software that stand out to prospects and debate whether distributed working has shifted the sector's views on the need for regulatory management tools. Learn more REGTALKS: CUSTOMER CHALLENGES Join Zoë Parsons, Nathan Banfield and Sandra Jerinic, as they provide insight on the biggest challenges facing customers before adopting a Regtech solution, the main benefits of the software which drive their onboarding decision, and the impact distributed working has had on customers' abilities to stay on top of their regulatory obligations. Learn more MANAGING B2B TRADING, LEGAL, AND COMPLIANCE RISKS FOR INSURERS In an era defined by rapidly evolving financial regulations, the insurance industry stands at a crucial point. Insurers are increasingly confronted with a landscape of regulatory and compliance obligations. These requirements are essential for safeguarding the financial system, yet they present considerable operational challenges... Learn more REG REVIEWS – APRIL 2024 Last month, the FCA urged financial advisors to review retirement income advice processes, whilst raising concerns within the motor sector regarding fair value, Lloyd's predicted generative AI to increase cyber threat risks, the UK Parliament released its much anticipated 'Sexism in the City' report, and REG launched its new Partnerships Programme... Learn more UNLOCKING PARTNERSHIP POTENTIAL WITH REG TECHNOLOGIES Broaden your horizons, elevate your status and reap the rewards... Learn more ACCELERATING TRADE PARTNER ONBOARDING WITH REGTECH In an industry where success hinges on strong relationships, insurance and financial services companies must prioritise integrity, trust, and diligence when forging new business relationships. However, navigating the intricacies of regulatory and statutory obligations often creates obstacles for these relationships from the start. The complexities of regulatory adherence have been cited to impede regulated firms’ abilities to effectively initiate new partnerships; hindering growth and stifling innovation. Now, with the growing emergence of RegTech, businesses can streamline compliance processes and accelerate trade partner onboarding, ultimately setting them up for sustained success... Learn more REG REVIEWS – MARCH 2024 Last Month, the FCA labelled fair value and pricing as the biggest challenge of Consumer Duty, pension funds drove a surge in UK corporate bond investments, insurers rallied for an investment boost with innovative partnerships and REG published its 2024 research report, exploring the evolving landscape of regulatory compliance and the use of technology... Learn more BUILDING A FASTER, SMARTER, SAFER MARKET: RESEARCH REPORT 2024 This research report delves into the challenges posed by the ever-evolving regulatory landscape, which have resulted in decreased process efficiency and compliance impacts. Despite the proliferation of technology, the market remains hesitant to fully embrace regulatory technology (RegTech) solutions. However, businesses that have adopted RegTech have experienced significant benefits in streamlining their compliance operations. How can the market overcome the barriers and leverage technology to thrive in the face of regulatory pressures? Learn more TAKE A LOOK AT INDIA: ONE OF THE FASTEST GROWING INSURANCE MARKETS IN THE WORLD India's insurance market has soared to unprecedented heights in the past decade, experiencing double-digit growth and positioning itself as one of the world's fastest-growing sectors. This surge is fuelled by rising incomes, increased awareness, and strategic collaborations with cutting-edge RegTech. Navigating through intricate regulatory landscapes, India's insurers embrace challenges and innovation, influencing global trends... Learn more REG REVIEWS – FEBRUARY 2024 Last month, The FCA and the UK Government invited feedback on three proposals designed to improve individuals' decision-making regarding investments and pensions, The IMF suggested that almost half of jobs will be impacted by artificial intelligence and the FCA has highlighted the importance of reporting cases of non-financial misconduct, even if individuals have signed non-disclosure agreements. Read these articles and many more, as we bring you all the important news from the insurance and financial services world... Learn more CONSUMER DUTY: CHALLENGES AND PRIORITIES FOR 2024 The Consumer Duty, enacted by the UK’s Financial Conduct Authority (FCA) on July 31st, 2023, represents a pivotal regulatory shift, mandating firms to prioritise customer interests and elevate outcomes. Applicable to all entities regulated by the FCA, spanning insurance firms, banks, and investment companies, the Duty extends across the spectrum of products and services offered to individual consumers and micro-enterprises. Since enforcement, adherence to the Duty has brought forth an array of challenges for firms subject to the new rules. With regulators imposing strict scrutiny, let’s explore the challenges around compliance with the Duty and how firms can overcome them... Learn more UPHOLDING INTEGRITY: MITIGATING FINANCIAL RISKS THROUGH SUPPLY CHAIN DATA MANAGEMENT In the financial services sector, where trust and integrity are paramount, the acquisition and management of data within the supply chain play a pivotal role in upholding regulatory compliance and thwarting financial risks like money laundering, terrorist financing, and other forms of financial crime. The importance of meticulous data gathering and oversight from entities in these chains cannot be overstated. Let's delve deeper into the criticality of this data, the challenges it poses, and strategies to navigate this intricate landscape... Learn more REG REVIEWS – JANUARY 2024 Last month, the FCA unveiled an overseas funds regime and measures to improve accuracy of credit files, $420m was pledged to climate ‘loss and damage’ fund at COP28, the digital pound has been cautioned to pose risks to financial stability and the UK insurance sector advocated for relaxed regulations to better attract captive insurance companies. Learn more BEYOND PAPERLESS: WHY DIGITISATION ALONE ISN’T ENOUGH FOR BUSINESS TRANSFORMATION For the last decade the push for paperless operations has been fervent. Countless businesses have embraced the digitisation of their once-manual, paper-based processes in a bid to modernise and streamline operations. The allure of going paperless is undeniable - reduced clutter, environmental benefits, and the promise of enhanced efficiency. However, the reality often falls short of these lofty expectations... Learn more TRADING INSURANCE INTERNATIONALLY: WHERE REGULATION STARTS AND ENDS The absence of standardised global regulations creates a challenge for international insurers that requires them to navigate diverse compliance standards across jurisdictions. This diversity directly impacts day-to-day operations, emphasising the need for meticulous understanding and effective risk mitigation strategies. Regulatory Technology (RegTech) emerges as a crucial ally, offering adaptable frameworks to seamlessly navigate and unify compliance measures, providing insurers with a robust solution for efficient and compliant international insurance trading. Learn more REG REVIEWS – DECEMBER 2023 Last month, the FCA urged companies to ensure Consumer Duty reports are a priority, the UK made headway following the publication of the world's first global guidelines for the secure development of AI technology, the UK government pushed regulators to prioritise economic growth and REG hosted its much anticipated Mind Matters panel event, focused on how we can work together to ensure mens mental health at work is supported... Learn more MIND MATTERS: PANEL EVENT Panel discussion in support of Movember, addressing the challenges men face regarding mental health at work, how we can break down the barriers and how as employees and colleagues we can work together to foster supportive environments where everyone's mental wellbeing is valued. Learn more DEATH BY SPREADSHEET: ARE SPREADSHEETS KILLING YOUR BUSINESS? For the last 40 years, spreadsheets have been an essential tool for managing and analysing critical information. However, their seemingly innocent simplicity can lead to a slew of problems that might be silently eroding your company's efficiency and competitiveness. In this blog post, we'll delve into the perils of over-reliance on spreadsheets and explore how RegTech can provide a lifeline for businesses drowning in data. Learn more MEN’S MENTAL HEALTH AT WORK: BREAKING THE SILENCE In a world that often revolves around expectations of strength, resilience, and endurance, we often overlook the hidden crisis that is steadily engulfing the lives of men. Men's mental health issues are a growing epidemic, and it's crucial we shed light on this critical topic, raise awareness and acknowledge the importance of addressing the unique challenges men face regarding their mental wellbeing... Learn more REG REVIEWS – NOVEMBER 2023 Last month, BIBA introduced a fair value assessment framework, leaseholders have been prioritised under the FCA's buildings insurance reforms, Lloyd's of London warned on climate related losses and humanoid robots are driving workplace efficiency... Learn more FOCUS ON ESG: WHAT IS SUSTAINABILITY REPORTING? Sustainability has emerged as a paramount concern for insurance and financial services companies. Beyond mere corporate responsibility, sustainability now holds the key to mitigating risks and satisfying the ever-heightening expectations of stakeholders. At the heart of this commitment to Environmental, Social, and Governance (ESG) principles lies the practice of sustainability reporting—an essential tool for modern businesses seeking to make their mark in a responsible, ethical, and transparent manner... Learn more WHERE IT ALL STARTED: LLOYD’S REOPENS TO FACE TO FACE TRADING, BUT WHERE DID IT ALL BEGIN? The Lloyd's market is one of the most iconic and influential institutions in the global insurance and reinsurance industry. Its history is a fascinating tale of innovation, resilience, and adaptability over its near 335-year reign. From humble beginnings to now the world’s leading market for specialist insurance, where did it all start? Learn more REG REVIEWS – OCTOBER 2023 Last month, the Government announced modernised reforms to insolvency regulation, the Vesttoo scandal underscored the importance of enhanced due diligence among MGAs, asset managers sparked concerns of ‘green hushing’ and AI implementation saw revolutionary transformations to air traffic control and coral reef restoration! Learn more NAVIGATING PEPS AND SANCTIONS RISKS: HOW REGTECH REVOLUTIONISES ENHANCED DUE DILIGENCE In today's dynamic financial landscape, regulatory compliance is a necessity for regulated institutions worldwide. Among the myriad compliance challenges, managing risks associated with Politically Exposed Persons (PEPs) and sanctioned individuals demands rigorous scrutiny... Learn more UNRAVELLING REGTECH: SIMPLIFYING REGULATORY TECHNOLOGY AND ITS ROLE IN FINANCIAL SERVICES In the complex world of regulatory compliance, ever-changing regulations pose significant challenges for financial services firms. Traditional manual processes are struggling to keep pace with evolving regulations, leading to the rise of RegTech, which uses sophisticated data analytics to streamline compliance, automate processes and enhance regulatory management for financial institutions... Learn more REG REVIEWS – SEPTEMBER 2023 Last month, the FCA launched an investigation into rules around banks and political exposed persons, the UK government accelerated the fight against carbon emission reduction through AI investment, the nightlife sector appealed to insurers for support amid capacity crisis and REG released our enhanced Declarations feature. Learn more EMBRACING CUSTOMER-CENTRICITY: THE KEY TO SUCCESSFUL SAAS PRODUCT DESIGN The growth of B2B SaaS products over the past decade has been nothing short of remarkable. With the advent of cloud computing, businesses have witnessed a transformative shift in how they procure and utilise software solutions. This shift has been fuelled by the undeniable advantages that B2B SaaS offers: scalability, cost-effectiveness, and accessibility, just to name a few... Learn more ENHANCING TRANSPARENCY: THE SIGNIFICANCE OF UBOS, DIRECTORS & OFFICERS DECLARATIONS In an era where regulated businesses are increasingly seeking transparency from their trading partners to ensure compliance with regulatory requirements and AML obligations, challenges in identifying Ultimate Beneficial Owners, Directors and Officers are leading to a lack of oversight and governance. Now, with the advent of RegTech, these processes have been streamlined and enhanced, underscoring the critical importance of transparency in today's corporate world... Learn more TACKLING MONEY LAUNDERING: SAFEGUARDING THE FINANCIAL SERVICES MARKET Money laundering is a pervasive financial crime that poses significant threats to the integrity and stability of the global financial system. Criminals use money laundering to disguise the illicit origins of funds obtained through illegal activities such as drug trafficking, corruption, and terrorism. As a result, stringent AML regulations have been developed to protect the financial services market from being exploited by these criminals... Learn more HOW COMPLIANCE SOFTWARE CAN ALLEVIATE REGULATORY BURDEN In today's rapidly evolving business landscape, regulatory compliance has become a significant challenge for financial institutions and other regulated industries. The ever-changing and complex regulatory requirements place a heavy burden on organisations, leading to increased costs, resource allocation, and operational inefficiencies. However, a silver lining appears through the rise of compliance software, which serves as an innovative solution to manage the abundance of regulatory requirements... Learn more REG REVIEWS – AUGUST 2023 Last month, MGAs were revealed to be paving the way for tech adoption, the FCA launched a review into asset managers' liquidity management, brokers were urged to address climate change risks and Geneva hosted the world’s first ever human-robot conference... Learn more REG REVIEWS – JULY 2023 Last month, the FCA cracked down on Principal Firms, brokers were seen to be leading the way with Consumer Duty preparation, and with the annual MGAA conference only a few days away, REG sat down with CEO, Michael Keating, to discuss all things MGAA and how the Association is transforming the market for its members. Read these articles and many more, as we bring you all the important news and views from the insurance and financial services world… Learn more SPOTLIGHT ON MGAA ANNUAL CONFERENCE WITH CEO, MICHAEL KEATING… With the biggest event in the MGAA calendar only a week away, and REG being the official 2023 App Sponsor, we sat down with Michael Keating, CEO of the Managing General Agent’s Association (MGAA) to discuss all things MGAA and how the Association is evolving the insurance landscape and shaping the market for its members... Learn more PAUL TASKER: THE FUTURE OF REG With REG's impressive growth over the last few years and recent expansion into new markets, we asked CEO, Paul Tasker, what the company's biggest achievements have been since his appointment, the goals for next year and what the future holds for REG... Learn more THE IMPORTANCE OF HUMAN TOUCH – WHY B2B BUSINESSES MUST PRIORITISE RELATIONSHIP BUILDING IN THE DIGITAL AGE In an age where we are leaning more and more towards technology and AI, have we lost the essential human touch needed for business relationships and what can we do to maintain them? Learn more MGAA WEBINAR: HOW MGAS CAN SUPERCHARGE THE AGENCY EXPERIENCE It’s nearly 20 years since statutory regulation of general insurance placed the acronym TOBA into everyday insurance talk. Agency application processes have developed little in that time, with brokers still reporting that their onboarding journeys with suppliers are slow, repetitive and leave business opportunities missed. Many MGAs limit the number of brokers they trade with, simply because of the drama associated with opening an agency! With online bank account opening, mobile onboarding, e-signatures, and pre-filled forms we ask…How can MGAs use tech to rapidly find, engage, sign and trade with new producers in an on demand, global, digital marketplace? Learn more REG REVIEWS – JUNE 2023 Last month, FCA's commission crackdown turned the spotlight on binders, BIBA released 'Brokers Guide to ESG', 'ghost broking' incidents are worryingly rising and CEO, Paul Tasker, sat down with Insurance Age to talk all things RegTech and how regulation technology is transforming the insurance sphere... Learn more REG REVIEWS – MAY 2023 Last month, regulatory focus extended to crypto and AI sectors, the FCA partner with influencers to battle financial scams, REG automated German licensing data and cybercriminals scare the nation with new founded AI voice cloning scams... Learn more PUSHING POSITIVE CHANGE: WOMEN IN INSURANCE PANEL EVENT Panel discussion addressing the challenges facing women in the market around representation, gender pay gap, discrimination and unconscious bias and how we can promote positive change to action fairer and equal opportunities for women in insurance. Learn more REG REVIEWS – APRIL 2023 Last month, heightened insurance premiums rocked society amidst cost-of-living crisis, a robot made history through performing surgery, the market prepares for SMCR reforms and an enhanced focus on D&I has materialised... Learn more CONTRACTS, TOBAS & CONSUMER DUTY With thousands of businesses reissuing TOBAs to cater for new Consumer Duty obligations, we take a look at the importance of written agreements in B2B relationships and how firms can manage their obligations efficiently... Learn more WOMEN IN INSURANCE: PUSHING POSITIVE CHANGE Amidst a time where underrepresentation and inequality are rife within the workplace, how does the insurance sector not only champion inclusivity, but also succeed in female retention? Learn more REG REVIEWS – MARCH 2023 Last month, reinsurers' policy inflations began to destabilise the market, the treasury forecasts the introduction of the digital pound,and the FCA have urged financial services to commit to consumer duty, whilst calling out the whole insurance market to action allegiance to ESG commitments... Learn more MANAGING CORRUPTION RISKS FOR FINANCIAL SERVICES FIRMS The FCA and US Authorities are committed to enforcing anti-corruption and anti-money laundering laws and regulations to protect the integrity of the financial system and to prevent financial crime. In this article we look at the risks and the controls financial services firms should consider... Learn more REG REVIEWS – FEBRUARY 2023 Last month, concerns around brokers' naivety of Consumer Duty were brought to light, a robot prepares to become a defence lawyer and OpenAI's ChatGPT has taken the internet by storm with its revolutionary imprint on the AI landscape... Learn more REG REVIEWS – JANUARY 2023 Last month, the FCA revealed the next steps for FSCS , reports suggest there will be increases in cyber budgets and the the first UK space launch is granted its licenses... Learn more REG REVIEWS – DECEMBER 2022 Last month the FCA released the long awaited Personal Lines data, we saw updates on the Solvency II Reforms and the CII issued apologies after experiencing their latest cyber attack... Learn more THE FUTURE OF TECHNOLOGY PANEL EVENT Panel discussion on the insurance industry's reluctant adoption of digitisation, what the sector needs to address, the barriers to accelerating digitisation in the insurance market, and as we look to the future, how can technology providers show the importance of tech solution adoption in the market. Learn more REGULATING THE FUNERAL PLANS SECTOR On July 29th 2022, the Financial Conduct Authority (FCA) brought the funeral plan sector within its scope of regulation. This means that businesses providing funeral plans will now be expected to meet and adhere to industry standards as outlined by the FCA... Learn more THANK YOU AND GOOD LUCK TO OUR MARKETING INTERNS! The time has come to say goodbye to this year's Marketing Interns; Ellie Moeran and Julia Palos. We'd like to thank them for their commitment and contribution to REG's marketing activities throughout the year and wish them well as they head back to University to complete their final year of studies! Read all all about their experiences from a year in industry... Learn more THE RISK OF HACKERS AND HOW YOU CAN PROTECT YOURSELF FROM CYBER ATTACKS Nowadays, cyber scams are not uncommon. In fact, every single day, con artists are searching for their next victim. Worse yet, even if you think you're not worth being targeted by online predators, you need to think again... Learn more ADVERSE MEDIA SCREENING The insurance industry and the regulatory requirements around counterparty risk is always evolving, and so the obligations to minimise the risk and safeguard customers is becoming much more challenging for insurance companies. In the wake of COVID-19, financial crime continues to increase and whilst not all of these can be stopped, it is crucial they are recognised. Learn more YOUNG PEOPLE IN INSURANCE AND THE BARRIERS THEY FACE ENTERING THE MARKET In today's challenging job market, still in the midst of the Great Resignation, every industry is facing recruitment challenges and struggling to attract young talent. But for the insurance sector, these challenges are more acute than most, and they're nothing new. But why are the younger generations not being attracted to the insurance sector? There are a number of reasons for this... Learn more REGTALKS: DISTRIBUTED WORKING AND THE HOPE FOR THE FUTURE Join Zoë Parsons, Bradford Bines and Victoria Slade, as they reflect on their experiences of working from home, discuss how the insurance industry's perception of RegTech has changed throughout the pandemic, and as we look towards the future and restrictions begin to ease, find out how they think the market will return. Learn more REGTALKS: THE INSURANCE INDUSTRY’S KNOWLEDGE & UNDERSTANDING OF REGTECH Join Zoë Parsons, Ady Hall, Ellie Davison and Sacha Skerton, as they delve into the insurance industry's awareness and perception of RegTech, discuss the key benefits of the software that stand out to prospects and debate whether distributed working has shifted the sector's views on the need for regulatory management tools. Learn more REGTALKS: CUSTOMER CHALLENGES Join Zoë Parsons, Nathan Banfield and Sandra Jerinic, as they provide insight on the biggest challenges facing customers before adopting a Regtech solution, the main benefits of the software which drive their onboarding decision, and the impact distributed working has had on customers' abilities to stay on top of their regulatory obligations. 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