News Archive - Page 3 of 12 - REG Technologies

How AI Revolutionises KYC and KYB Processes in Financial Services

In the financial services arena, Anti-Money Laundering (AML) professionals are constantly seeking innovative ways to enhance the efficiency and accuracy of Know Your Customer (KYC) and Know Your Business (KYB) processes. One of the most transformative technologies in this arena is AI. By integrating AI into KYC and KYB procedures, financial institutions can significantly streamline their operations, particularly in areas such as analysing Politically Exposed Persons (PEPs) and sanctions screening data...

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REG Reviews – July 2024

Last month, the growing threat of summer floods was highlighted, urging both policyholders and insurers to take proactive steps. The FCA's Market Watch 79 emphasised the importance of strong data management in surveillance against market abuse, firms were reminded that the Consumer Duty is not a 'one time requirement', but a continuous effort, and REG is excited to sponsor the upcoming MGAA Annual Conference and collaborate with MGAs about the value of partnerships…

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The Power of Partnerships: Driving the MGA Landscape Forward

The relationship between Managing General Agents (MGAs) and RegTech companies is reshaping the insurance landscape and partnerships between the two are not just beneficial—they are essential. As proud sponsors of this year’s Managing General Agents’ Association (MGAA) Annual Conference, we are thrilled to embrace the theme, 'Power of Partnerships.' Our goal is to underscore the transformative potential these collaborations hold for staying ahead of the competition and driving the entire industry forward...

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Leveraging RegTech to Overcome AML Challenges in Insurance

Anti-money laundering (AML) standards are more than regulatory requirements; they are vital safeguards for the insurance sector. AML policies are critical in preventing the infiltration of illegitimate funds and requires rigorous monitoring and reporting of financial transactions. In the insurance industry, the complexity of transactions and the global scope of operations introduce significant risks, making AML compliance not only a regulatory must but a central component of business practices...

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An MGA Case: How to Combat Data Silos and Strive for Team Cohesion

Today, the insurance industry faces a myriad of challenges that are constantly developing, ranging from economic and geopolitical factors to internal discrepancies like data silos and team fragmentation – and MGAs are not exempt. Traditionally, MGAs would rely on archaic processes to conduct their due diligence and regulatory processes, collect data and collaborate with their team. Now, this is no longer sustainable, and MGAs must embrace digital transformation if they want to stay ahead of the curve. In this article, we’ll dive deeper into the different data hygiene challenges MGAs are faced with, their impact on team fragmentation, and how technology can help surmount these struggles and achieve team cohesion...

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REG Reviews – June 2024

Last month, the Consumer Duty Alliance launched a clarifying guide to assist firms preparing their annual board reports, premium finance requests soared amid cost-of-living pressures, the FCA set out measures to combat domestic financial abuse and REG achieved its ISO 27001 certification...

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The Spreadsheet Shackles: Breaking the Excel Dependency

For office productivity, Microsoft Excel is undeniably a powerhouse. Its capabilities for data organisation, analysis, and visualisation are impressive, making it a go-to tool for countless professionals who create a plethora of uses for the spreadsheet software. However, despite its versatility, relying on Excel for tasks it wasn't designed for can be a grave mistake, especially when there are so many specialised Software as a Service (SaaS) solutions available today. Here’s some examples of fit for purpose products that outshine the home-made spreadsheet alternatives...

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Enhancing Onboarding Efficiency for MGAs: How RegTech Streamlines Compliance

With constant economic uncertainties and a fluctuating political landscape, MGAs (Managing General Agents) are now faced with bigger regulatory and compliance burdens than ever before. Clyde & Co reports that 50% view the increase in compliance obligations as an obstacle to entering the market. These burdens significantly hinder MGAs' capacity to start new business relationships with potential trading partners, halting growth and slowing innovation. 66% of insurance and financial services firms believe that regulatory and statutory obligations inhibit starting new business relationships, which in turn affects profitability. This is why it is imperative for MGAs to leverage new innovative technology that reduces regulatory challenges and facilitates streamlined onboarding of partners...

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REG Reviews – May 2024

Last month, the FCA urged motor finance firms to allocate sufficient resources, financial institutions expedited technology adoption to tackle regulatory hurdles, underinsurance presented a pivotal challenge for brokers, and insurers came under the spotlight concerning environmental and social responsibilities...

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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...

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