DataArt and REG Launch Compliance Platform for U.K. Insurers

Software provider DataArt has developed the online platform for Regulatory Efficiency Gains (REG), a London-based insurance services provider.

The platform is intended to help FCA-approved and global insurance intermediaries streamline their compliance processes, cut costs and facilitate business dealings between counterparties.

“Regulatory compliance in the U.K.’s insurance market has never been more pressing. REG’s new platform will transform the process of counterparty approvals and the dissemination, negotiation and execution of Terms of Business Agreements (TOBAs). Until now, this complicated and lengthy process took as long as several weeks to complete. This revolutionary platform can reduce this time to 24 hours or less, significantly improves risk management, reduces costs and can enhance revenue for REG Active Members,” says Dmitry Bagrov, managing partner, DataArt UK.

The platform exists solely online and does not require further IT integration with users, and DataArt is the single vendor for all of REG’s IT needs.