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

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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The Spreadsheet Shackles: Breaking the Excel Dependency

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

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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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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Unlocking Partnership Potential with REG Technologies

Unlocking Partnership Potential with REG Technologies

Broaden your horizons, elevate your status and reap the rewards...

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Mark Atkins, Head of Partnerships at REG Technologies
Accelerating Trade Partner Onboarding with RegTech

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...

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Take a Look at India: One of the fastest growing insurance markets in the world

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...

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Consumer duty

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...

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Financial services data management

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...

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Paperless Digital transformation

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...

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