Online due diligence and regulatory compliance platform REG (UK) Ltd will assist the world’s specialist insurance and reinsurance market in easing UK coverholders’ administrative burden.
Using the REG platform, Lloyd’s will capture and maintain up-to-date public market data to be fed directly on to the latter’s repository for coverholder data known as Atlas. This will initially be applicable to all Lloyd’s coverholders based in the UK.
“We are delighted to be able to assist Lloyd’s,” commented REG chief executive Michael Phair. “The REG platform will allow coverholders to focus on adding value to their clients and growing their business by removing the burden of manual inputs of key corporate and compliance data.”
With continuing development of its platform services, REG plans to unveil an international coverholder capability next year as part of its role in the market’s coverholder management activities. This will expand the range of data points updated by REG on Atlas.
“The REG platform enables us to utilise a proven and award-winning insurtech solution that benefits our coverholders by reducing the amount of data they are required to keep up to date,” said Lloyd’s head of policyholders and third-party oversight Paul Brady.
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