Navigating Compliance, Risk and Regulatory Change

How regulatory technology is reshaping the way insurers, MGAs and brokers manage compliance, risk and counterparty relationships.

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  • 500% increase in the pace of regulatory change over ten years
  • 95% of Know Your Business checks are still done manually
  • 90% of financial services firms feel the increased compliance burden
  • 3.28bn£ in FCA penalties issued since 2013

The Growing Pressure on Compliance Teams

Insurance firms are being asked to demonstrate more oversight, more frequently, across increasingly complex distribution chains. Consumer Duty, AML requirements, ESG reporting and delegated authority governance all place greater emphasis on one thing: evidence.

For many insurers, MGAs and brokers, the challenge is not understanding the requirements, it’s maintaining accurate, up-to-date oversight of counterparties over the lifetime of a relationship. Yet many firms still rely on manual due diligence processes, spreadsheets and fragmented systems, with research suggesting that 95% of KYB checks are still carried out manually.

As regulatory expectations continue to grow, firms need a more scalable approach to monitoring risk, maintaining audit-ready records and demonstrating compliance across the distribution chain.

RegTech Whitepaper Mock Up

RegTech in Insurance: Navigating Compliance, Risk and Regulatory Change

The whitepaper explores how insurers, MGAs and brokers can respond to rising regulatory demands while maintaining growth, operational efficiency and strong customer outcomes. Drawing on market data, regulatory developments, industry insight and real-world case studies, it examines the biggest compliance challenges facing insurance firms today, from Consumer Duty and delegated authority oversight to counterparty risk, onboarding and ongoing monitoring. It also explores the growing role of RegTech in automating compliance processes, improving governance, strengthening audit readiness and enabling firms to move from reactive compliance to continuous oversight. Finally, it looks ahead to the future of AI-driven compliance, evolving FCA expectations and the trends set to shape regulatory risk management in the years ahead.

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What RegTech solutions help solve

RegTech platforms are designed to simplify complex compliance processes and reduce the operational burden that comes with regulatory oversight. These are the areas where they make the most difference to insurance firms.

  • Automating due diligence workflows

    Reduce repetitive manual checks by streamlining onboarding, verification and review across counterparties and regulated relationships.

  • Centralising compliance records

    Hold documentation, approvals and compliance activity in a single operational environment, so visibility and consistency stop depending on who filed what.

  • Monitoring counterparties

    Track brokers, MGAs, carriers and other trading partners through continuous oversight rather than periodic review, and hear about changes as they happen.

  • Identifying operational risks

    Improve visibility into governance gaps, compliance issues and shifting risk exposure before they turn into larger operational problems.

  • Improving audit readiness

    Produce clearer audit trails and structured compliance records that stand up to internal review and regulatory scrutiny without a week of preparation.

  • Reducing manual administration

    Cut the time spent managing spreadsheets, email chains and fragmented compliance processes spread across multiple teams.

  • Strengthening governance frameworks

    Support consistent oversight, accountability and operational governance across regulated insurance activities, and be able to demonstrate it.

  • Responding to regulatory change

    Absorb new obligations as they arrive rather than rebuilding a process each time, with monitoring that adapts to what the regulator now expects you to evidence.

  • Scaling without adding headcount

    Take on more counterparties, more insurers and more delegated authority relationships without the compliance workload rising in step.

Who it is for?

The paper covers the whole distribution chain, because the obligation runs through all of it.

  • Compliance and risk leaders

    You are accountable for oversight you cannot see directly. The paper sets out what regulators now expect you to evidence, and how continuous monitoring replaces the periodic review.

  • MGA founders and operations

    Growth means more broker appointments, and more due diligence behind each one. Read why MGAs adopted RegTech before the rest of the market, and what it gave them.

  • Insurer and carrier distribution teams

    Delegated authority spreads your risk across dozens of firms. The paper covers the FCA’s sharpening focus on delegated authority models and what demonstrable governance looks like.

  • Broker management

    Every insurer relationship comes with its own forms, its own TOBA and its own renewal cycle. Read how firms cut that duplication without adding headcount.

Why MGAs moved first

The whitepaper devotes a section to the most agile segment of the market, because what MGAs did is the clearest available evidence that this works.

MGAs are not carrying the legacy infrastructure that slows larger carriers down. Smaller teams, specialist focus and shorter decision chains let them adopt new technology quickly, which is why they show up as early adopters across almost every insurance technology survey. A 2023 Clyde & Co report found that 80% of MGAs were investing in technology, compared with 55% of carriers.

What they did with it matters more than the fact that they did it first. Agile MGAs have moved past manual oversight and embedded compliance directly into delegated authority management, automating broker due diligence to produce real-time audit trails and regulator-ready reporting. In the Lloyd’s market in particular, where expectations around fair value, Consumer Duty and coverholder oversight are explicit, that is the difference between demonstrating governance and asserting it.

What changed for firms who did this

The whitepaper tells these stories in full, with the numbers behind them.

  • The REG Network has helped us to dramatically improve the efficiency of our broker onboarding process, oversight and customer experience.

    Andy Clements Head of Distribution, Sales & Marketing, CNA Hardy

  • The reputability of utilising the REG Network gives auditors peace of mind when reviewing our management processes.

    Sean Kilbourn Director of Business Control & Governance, Arc Legal

  • We now have better, more constructive broker relationships which enables us to provide better service to our customers.

    Lee Bennett Director of Operations, Lorega

What's slowing your compliance team down?

Frequently Asked Questions

What is actually in the whitepaper?

The whitepaper covers the RegTech landscape, the UK regulatory picture for insurance, KYC and KYB, named compliance challenges, the operational and strategic benefits firms have reported, a spotlight on MGAs, industry voices, common misconceptions, the regulatory outlook and where AI is heading in compliance. You can find the full contents list inside the whitepaper.

Who is this written for?

Compliance and risk leaders and other senior executives working within the insurance industry. Anyone accountable for onboarding, due diligence or counterparty oversight in the insurance distribution chain will find it relevant.

Will REG contact me after I download it?

We will send the whitepaper and occasional related updates by email, and you can unsubscribe at any time.

Does the whitepaper cover products other than REG's?

The RegTech landscape sections are vendor-neutral and reference the wider market, including quotes from other RegTech providers. The case studies and product detail focus on the REG Network, REG Exchanges and REG Risk 365.

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One work email address is all we need. The paper will arrive in your inbox straight away.

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