REG hits milestone with 75% of intermediaries on its platform
12 February 2018 – REG UK (REG), the award-winning RegTech due diligence and regulatory compliance solution for the UK general insurance industry, has achieved a significant milestone with over 3100 UK insurers and intermediaries now on its platform. Achieving this milestone means that the REG platform has reached a commanding level of market acceptance in less than three years since its launch, and now has around 75% or just over 3000 of all active UK general insurance intermediaries registered on its platform. This allows both carriers and their producing brokers to streamline the regulatory and financial requirements for distribution chain oversight.
The achievement reflects REG’s investment in developing and delivering innovative, on-demand technology that enables insurers, Lloyd’s managing agents, MGAs and wholesale brokers to save time, reduce costs and mitigate risk in managing their broker partnerships.
REG clients typically see a 90% plus decrease in time spent on-boarding new brokers and the time spent undertaking ongoing due diligence checks and broker reviews. Many of its clients now mandate that new brokers are only accepted if they are managed on REG’s platform.
Michael Phair, Founder and CEO of REG, said: “To have achieved this milestone in such a short period of time is evidence of the industry’s appetite for driving efficiencies, cost savings and incremental revenue through the adoption and integration of REG’s solutions. We will continue to invest in the development and expansion of the platform, including international, to maintain our market-leading position as an enabler of regulatory efficiency gains.”
For more information, contact:
Mark Huxley, email@example.com
Alex Wise, firstname.lastname@example.org
Full Circle Communications
Tel: + 44 (0)207 267 7887
Note to Editors:
REG (UK) Ltd is an on-line due diligence and regulatory compliance platform for Counter-party Risk Management in the UK Insurance industry. It is the only real-time solution in the UK market that combines 24/7 alerts for financial, corporate, sanctions and regulatory changes in a broker/coverholder’s information with electronic exchange of Terms of Business Agreements (TOBAs). REG is an essential tool for accelerating business flows and mitigating regulatory and financial risk. Given the ever-increasing burden of regulation, REG is becoming a "must have” solution for transforming inefficient and costly manual and paper-based processes. Over 89% of Top 100 Brokers that wholesale, as listed in Insurance Age, are registered on REG’s platform, and 20% are clients using REG to monitor their producing brokers. In addition, over 30% of Lloyd’s Managing Agents are registered members, as well as over 50% of Lloyd’s Brokers and Coverholders. REG is actively developing solutions to address Delegated Authority risk and regulatory requirements and will expand its offering in 2018 to provide international monitoring capabilities in over 60 countries. REG recently received a £8m capital injection from Edi Truell’s Disruptive Capital Investments fund. For more information visit www.reg.uk.com.