DataArt and REG (UK) Cut Insurance Industry’s 1-4 Week Terms of Business Agreement Processes (TOBA) to 24 Hours or Less
DataArt, a custom software development partner for the financial services and other industries, today announced it has completed the development of Regulatory Efficiency Gains (“REG”)’s digital platform. The online tool, which went “live” in early February, will help FCA-approved and global insurance intermediaries streamline their compliance processes, cut costs and facilitate business dealings between counterparties. The solution is a standalone online network and compliance platform which requires no further IT integration with Members.
Dmitry Bagrov, Managing Partner, DataArt UK, comments, “Regulatory compliance in the UK’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.”
DataArt is the single vendor responsible for all of REG’s IT needs. This includes all technical tasks for REG’s recent launch, including requirements clarification, software development and quality assurance, finding a hosting provider and deployment. In addition, DataArt supported REG’s legacy website.
“DataArt has been pivotal in the development of the REG platform and it has been an absolute pleasure to have them on board. Their commitment to the success of our platform has been unwavering and I am especially impressed with their domain expertise, their approach, responsiveness and turnaround times,” said Michael Phair, Managing Director of REG (UK) Ltd. “The project management and development teams at DataArt have delivered outputs of exceptional quality and have played a key role in our achievements to date.”
Bagrov continues, “As the technology demands of the insurance industry advance, we’re committed to partnering with our clients to provide custom solutions to tackle their unique problems.”