REG UK, a RegTech solution that streamlines counterparty compliance checks and accelerates agency processes, has announced the launch of its new Market Monitor product.
Regtech is the umbrella term for new technologies that facilitate the delivery of regulatory requirements and has grown in prominence since new, customer data-driven industries like FinTech and InsurTech continually create the introduction of new regulations.
Market Monitor is an on-demand service enabling its network members to “achieve and maintain due diligence and oversight of firms they place business with.”
“85% of firms that our members place business with are not insurers but are part of the rapidly growing market of intermediary suppliers, such as MGAs,” said REG Managing Director, Paul Tasker.
“Ensuring suitable due diligence and oversight of all supplier firms is key to minimising risk to customers and meeting FCA expectations.”
The new on-demand technology from REG provides regulatory, legal, credit, sanctions and politically exposed persons (PEP) due diligence on all firms, not just insurers. The service covers both UK and overseas firms.
Tasker added: “We have responded to our members’ needs and are launching a range of affordable solutions utilising our award-winning technology. Market Monitor is an obvious place to start.”
Source: Reinsurance News