REG knowledge Blogs

Your knowledge hub for tips, views and information in the Regtech world. Explore our collection of news, insights and articles.

Articles

Mastering Fair Value: How RegTech Solutions Tackle Assessment Challenges

As the July 31st deadline for Consumer Duty board reports approaches, effective reporting on assessment processes and positive consumer outcomes has never been more critical. The FCA states that fair value is the biggest challenge under the Consumer Duty, with firms managing diverse product lines and extensive distribution channels encountering heightened difficulties in gathering and processing data. Establishing a robust system capable of continuously requesting, acquiring, and analysing data from any size distribution network is essential for conducting thorough assessments. Those still reliant on emails and spreadsheets, rather than specialised digital solutions, find it challenging to manage these tasks effectively...

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...

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...

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...

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...

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...

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...

KYC Inefficiencies: Where Insurance Firms Lose Time

KYC inefficiencies are the manual, repeated and disconnected steps that slow onboarding and leave customer information out of date. In insurance, they mostly come from chasing documents, rekeying data and reviewing relationships on a calendar rather than on risk. This post shows where your time goes, what the Money Laundering Regulations 2017 actually require, and how to remove the steps that the rules do not demand. It is written for firms that onboard MGAs, coverholders, brokers and other counterparties across a distribution chain.

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...

Consumer Duty Challenges for Insurers: A 2026 Guide

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...