In the insurance industry, compliance often feels like a never-ending burden – slowing down and confusing all departments of an organisation. However, this issue doesn’t necessarily come from compliance itself, but more from thinking of compliance as a tick-box and frustrating exercise, rather than embedding it within a firm’s culture and considering it as a defining and primary element of a successful business.
The insurance industry is undergoing a significant digital transformation, leveraging advanced technologies such as artificial intelligence (AI), machine learning, and data analytics to enhance customer experiences, streamline operations, and develop innovative products. While these advancements offer numerous benefits, they also introduce new cybersecurity challenges...
Significant compliance mistakes can cause insurance firms considerable monetary and reputational harm. Although these mistakes can be made unintentionally, most of them can be avoided with proper training, research and solid RegTech systems in place...
We’re pleased to announce that REG Technologies is now an official Silver Sponsor of the Managing General Agents’ Association (MGAA) – a move that formalises over five years of close collaboration and shared commitment to the MGA community.
In B2B, particularly within the insurance and financial services sector, customer satisfaction transcends being a mere metric; it’s at the heart of everything we do. At REG Technologies, we know our clients aren’t just looking for software. They’re looking for peace of mind. They want a partner who understands the pressures of staying compliant and the complexity of their day-to-day. That’s why we focus on building real, trusted relationships to deliver life-long value...
Money laundering is a serious regulatory and financial offence — and in B2B contexts, the risks are magnified. Engaging with a high-risk counterparty, whether knowingly or not, can lead to hefty fines and lasting reputational damage that can shatter future business relationships. These breaches may be deliberate, but often they result from failed compliance due to poor systems, lack of oversight, or outdated processes that don’t keep up with today’s complex regulatory environment.
The war for younger talent in the insurance industry is an ongoing issue that many employers in the market are grappling with. Whether it’s the current number of younger ones working in insurance or ways to attract them into the industry, it’s a shared burden that many recruitment agencies and businesses are working very hard to overcome.
Ensuring fair value for consumers has become a central concern for insurance firms. Regulatory bodies, such as the UK's Financial Conduct Authority (FCA), have increased their focus on fair value assessments to ensure that products and services genuinely benefit consumers relative to their costs. This heightened scrutiny has prompted insurers and Managing General Agents (MGAs) to reassess their practices, resulting in significant operational challenges.
The insurance sector is facing relentless regulatory change, meaning effective counterparty risk management has never been more critical. Recent research reveals that 74% of industry leaders have experienced a notable increase in regulatory demands over the past year. From MGAs to insurers and brokers, the pressure to demonstrate robust governance, risk, and compliance (GRC) practices is intensifying. Key areas of focus include fair value, consumer duty, anti-money laundering (AML), and the increasingly vital consideration of Environmental, Social, and Governance (ESG) factors...
Regulatory technology (RegTech) is shaping the future of compliance in insurance, with recent discussions highlighting the increasing likelihood of more robust tech processes becoming a regulatory requirement. During a recent REG and Insurance Post webinar, industry experts emphasised the need for advanced digital solutions to keep pace with evolving regulations. As the regulatory landscape continues to evolve, RegTech is proving itself not just useful, but essential for insurance companies navigating complex compliance challenges. These advanced tools streamline processes and enhance precision, making them strategic assets for the future to drive long-term resilience, efficiency, and regulatory confidence...
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