The issue of managing big data is one that is echoed across the insurance sector with many turning to technology solve its woes
Arc Legal has teamed up with REG UK (regulatory efficiency gains) for on-demand due diligence and agency management in a bid to onboard new customers quickly.
The UK specialist legal expenses provider of add-on insurance provider will utilise REG UK’s network to streamline its current oversight processes.
The announcement follows Arc Legal’s expansion into the Irish market led by new head of business, Peter Harvey.
REG’s managing director, Paul Tasker, explained: “The REG Network allows Arc Legal to save time and cost, reduce manual inputs and checks of key corporate and regulatory data.”
He said of Arc Legal that its distribution continues to grow and that the on-demand solutions that REG will be providing he hopes will enable continued due diligence and risk management.
Arc Legal’s move can be seen echoed across the insurance industry, earlier this month Hiscox teamed up with Eigen Technologies to speed up its internal data processes and reduce costs. AON recently released an article “Demystifying Artificial Intelligence” discussing the deployment of AI in insurance to help manage big data.
Arc Legal manages over 600 contracts in excess of 16 million policies.
Its deputy chief executive Frank O’Malley said: “Maintaining effective oversight of our distribution is an important aspect of risk governance. The REG technology was an obvious choice for us.”
Launched in 2014 REG currently has 3,250 members, it provides on-demand solutions in onboarding and counterparty risk management for brokers and agencies. Last month it added the standardised Toba template introduced by the British Insurance Brokers’ Association to its agency management platform.
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