REG (UK) Ltd has revealed that more than 3,000, or roughly 75%, of all active general insurance intermediaries in the UK are now registered on its online due diligence and regulatory compliance platform.
“To have achieved this milestone in such a short period of time is evidence of the industry’s appetite for driving efficiencies, cost savings, and incremental revenue through the adoption and integration of REG’s solutions,” said REG founder and chief executive Michael Phair.
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Launched less than three years ago, the REG platform enables users to accelerate business flows and mitigate regulatory and financial risk. The firm said its clients typically see a more than 90% drop in time spent on-boarding new brokers, as well as undertaking ongoing due diligence checks and broker reviews.
Last December a deal between REG and Lloyd’s was announced.
“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,” commented Lloyd’s head of policyholders and third-party oversight Paul Brady at the time.
Meanwhile Phair said REG will continue to invest in the development and expansion of the platform to maintain its market-leading position.
