What have you been doing since leaving your post as CEO at Tasker Insurance Group?
I joined as REG’s MD in February 2018 and for two years reported to CEO and founder Michael Phair as we formulated a winning strategy and built a platform for growth. During that period ARR grew more that 250%, we built an in-house technology team and completely re-wrote our software. On 1st April 2020 I took over the role of CEO and Michael moved to a non-executive position.
How different is running a technology business to an insurance business? How have you coped with the change?
All businesses need great people, products and sales efforts to thrive and that’s no different from insurance to technology. The biggest difference for me was losing the sense of establishment that exists in the insurance market. Insurance products have been around for hundreds of years, customers understand them and assessable competition allows differentiation. At REG, pretty much everything we have done we have done for the first time. Customers are still understanding how technology can provide tangible solutions and as they feedback to us we continue to evolve. The risks they face are changing rapidly and we need to be ahead of the game to provide solutions.
How have you changed REG’s positioning as a solutions provider?
REG is an acronym for Regulatory Efficiency Gains and my feeling was that the business was seen as an agency management solution that automated TOBA exchanges. The fact is that our services provide risk management tools that protect our customers against a whole range of risks, including financial crime, regulatory violations, reputation and financial failure. Of course, we’ve stayed true to our roots too, delivering efficiencies in speed, accuracy and cost too.
We’ve made our services available to every type of insurance business and enabled them to connect with over 330m companies in 170 countries.
The REG name is here to stay, but we will now be known as REG Technologies, part of our rebranding. Our new strapline, ‘Faster, Smarter, Safer’ needs no explanation.
How has REG coped through COVID-19?
Firstly, our colleagues have been excellent. We have continued with our future focussed mindset and worked hard not just to survive, but to thrive through this crisis. Our technology has enabled us to provide a high level of support to our customers and we have clear objectives that we want to complete this year, including migrating our customers to our new software. We want to reflect on 2020 and see a lot of positives.
How will your service need to evolve as customers look to work differently?
Our vision has always been to encourage cross organisation collaboration in our software – that’s why we don’t charge by user numbers. Our customers are increasingly going to rely on collaborative tools as they work apart from each other, often sharing responsibilities and at different times. They are going to expect that our software keeps them safe as working practices throughout the industry continue to change and that it keeps them in control. We need to provide tools that support collaboration and encourage trade in a world of fragile and constantly changing supply chains.
What is the mission for REG Technologies?
There are a lot of players in the global insurance market and we actively provide 80,000 connections right now – this is growing daily. The risks of getting it wrong are also growing, for example, globally total fines for AML breaches are doubling year on year.
We want to connect every insurance business with quality information that enables them to conduct their business Faster, Smarter, Safer.