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With 74% of insurance and financial services professionals reporting that the regulatory burden has increased dramatically over the last couple of years, non-compliance and relying solely on legacy processes is no longer feasible in the long term. Now more than ever, the role of compliance leaders and the influence they have in the market is crucial and can make or a break an entire firm.
Choosing a RegTech provider can be a hindering task as it’s often a process that demands careful research, consideration of business needs, software fit and ease of use. The key is to find a RegTech solution that is capable of addressing a financial service’s firm’s key compliance and regulatory issues all while delivering superior value and enhancing business opportunities.
In the insurance market, firms are legally compelled to conduct KYB and KYC checks to mitigate risks of financial fraud and money laundering and ensure compliance with national and international regulations. Without proper systems in place, carrying out these necessary checks can be difficult, ultimately compromising business opportunities.
The insurance and financial services industries are undergoing a profound transformation, driven by the need to navigate shifting regulatory landscapes, meet rising customer expectations, and unlock opportunities for greater operational efficiency. However, without embracing innovative technology, these sectors risk falling behind—missing vital updates, stifling growth potential, and failing to capitalise on emerging opportunities...
The FCA’s latest report on Product Oversight and Governance (PROD 1.4 and 4) for General Insurance and Pure Protection products has issued a clear call to the insurance industry: it’s time to ensure products genuinely meet customer needs and deliver fair value. Amid today’s challenging economic climate and an escalating cost-of-living crisis, regulators are emphasising the importance of fair treatment and strong customer outcomes more than ever...
Every year on October 10th, we observe World Mental Health Day, a moment dedicated to raising awareness about mental health issues around the globe and one that encourages worldwide conversation about mental health. In the workplace, where we spend a significant portion of our daily lives, mental health is a critical topic. Addressing mental health not only supports individual employee well-being but also enhances overall organisational health through improved productivity and engagement.
Technology often feels like an unstoppable force, transforming industries, automating processes, and reshaping how we live and work. While these advancements bring incredible opportunities, they also come with some aspects of apprehension. From concerns about job displacement to fears of a faceless, algorithm-driven future, many people view technology with a mix of both excitement and anxiety.
The life insurance industry is grappling with increasing regulatory demands and outdated manual processes, both of which make effective counterparty due diligence and oversight hard to uphold. To meet the regulatory requirements from the FCA and PRA, firms operating in the life insurance sector must ensure their operations and counterparty due diligence is constantly a key compliance priority. Managing these challenges with traditional outdated, often manual approaches, is no longer sufficient, and the growing need for sophisticated compliance systems is proving essential to meet the demands of regulatory obligations and enhance compliance...
The life insurance industry is facing numerous challenges that impact efficiency within compliance functions, including manual processes, heightened regulatory scrutiny, data silos, and the increasing difficulty of attracting skilled professionals. These inefficiencies slow down business operations, increase the risk of compliance errors, and strain resources. However, technology solutions, particularly RegTech, presents an opportunity to modernise how life insurers operate by enhancing efficiency, improving accuracy, and optimising resources...
At REG, we are on a mission to build the largest and most trusted B2B network in the insurance industry. We understand that businesses need to connect quickly and confidently when forging new relationships, without the burden of regulatory obligations slowing them down. That’s why we created REG Verified — The Trusted Status for Businesses...
MGAs play an irreplaceable role in the insurance sector, and while it’s crucial for them to be on top of all their regulatory and compliance duties, they also need to ensure seamless customer experience (CX) and retention. At the end of the day, customers should always be at the heart of every business decision because without them, no firm would survive. In addition, MGAs need to ensure they’re always treating their clients fairly. According to Forrester, 41% of customer-obsessed firms achieved at least 10% revenue growth in 2023, compared to only 10% of less mature firms...
The pressure to address climate and social issues is greater than ever. Companies are now scrutinised by watchdogs, employees, investors, and customers, all demanding thorough documentation and assessment of their strategies for tackling these crises. Environmental, Social, and Governance (ESG) issues have become integral to a business's overall strategy, and stakeholders are increasingly unwilling to trade with companies that fail to take these pillars seriously...
