15 minutes with... REG UK's Paul Tasker

1. You’ve been at REG for almost a year now; coming from broking, what has surprised you the most about the RegTech sector during the last year?

I’ve been in the market a long time now and have seen technology influence most areas of operations. From the early days of rating engines, through risk modelling to full cycle quote and buy platforms, the industry has slowly but surely adopted technology across most areas of business.

The RegTech sector is a comparatively new industry and what I have found most impressive is the pace of delivery. Software as a Service (Saas) solutions enable rapid deployment of tech solutions as the software is centrally hosted and provided on a subscription basis. There are no set up or installation challenges, which has led to this type of service being referred to as ‘on-demand’.

As a provider this means we can roll out updates and enhancements quickly and cheaply making sure we stay connected to our customers’ continually evolving needs.

2. Your platform provides insurers with regulatory information about their brokers; considering some of the high-profile insurer failures recently, do you think there’s enough oversight going the other way?

There isn’t enough going the other way! Due diligence on suppliers is equally important as oversight of distribution. In the UK, the FCA expects that brokers conduct suitable due diligence on the insurers where they place their customers’ business. MGAs and wholesaling firms also act as suppliers to brokers so it is important that a range of due diligence data is assessed in selecting and recommending a supplier or supply chain.

3. InsurTech and to a lesser degree RegTech have been buzzwords for innovation in the industry for a number of years now, do you think this is justified?

Firms that build RegTech solutions are certainly innovative. In just a few years, agile and responsive software has been developed that has revolutionised how businesses can use big data analytics to manage their regulatory responsibilities. RegTech has rapidly moved from simply aggregating and reporting data to enabling real time identification of risk across multiple counterparty relationships.

Continual RegTech innovation focusses on data quality and automated analysis with solutions that can learn during the process. New generation on demand reporting can communicate with regulators and enable businesses to improve decisions making.

Ultimately policyholders can expect better outcomes.

4. Looking ahead, what do you think the biggest benefit RegTech’s like REG will bring to the industry in 2019?

The cost of meeting regulatory obligations continues to rise and therefore RegTech solutions that automate compliance and monitoring processes will benefit the industry and should also increase efficiency. From a commercial perspective, using software to automate complex onboarding processes can remove bureaucracy from customer and counterparty acceptance, resulting in greater speed to business and greater business acquisition and retention rates.