’This collaboration underscores our commitment to embracing innovative technologies for our stakeholders to use and [strengthens] our regulatory standards,’ says head of supervisory practices and innovation strategy

The Isle of Man’s financial regulator, the Financial Services Authority (FSA), has inked a collaboration agreement with artificial intelligence-focused insurtech Regsearch.

Regsearch uses artificial intelligence (AI) mapping to help organisations monitor, manage and implement regulatory change.

Its partnership with the FSA aims to integrate Regsearch’s AI chatbot – Regi – with the regulator’s website, to offer a time saving, automatic compliance and reporting resource for the businesses that the FSA regulates on the island.

The firms additionally hope that the use of Regsearch’s platform will provide a communication channel for stakeholders.

Ros Lynch, head of supervisory practices and innovation strategy at the Isle of Man Financial Services Authority, said: “This collaboration underscores our commitment to embracing innovative technologies for our stakeholders to use and, in turn, [assists] in strengthening our regulatory standards.”

Power of collaboration

Regsearch was part of the inaugural Isle of Man Insurtech Accelerator Program, which started in the summer of 2022. The first cohort included seven startups.

The initiative saw startups and scaleups provided with mentoring and the opportunity to work with insurance firms on the island.

On the final demo day of the scheme, Regsearch – which plans to expand into the UK in the near future – caught the attention of the FSA.

Regsearch’s chief executive and founder, Darren Douglas, said: “We are honoured to collaborate with the FSA to drive innovation in regulatory compliance.

“This partnership exemplifies the power of collaboration between startups and regulatory bodies to drive meaningful change and progress.”

Isle of Man innovation

Currently, the Isle of Man is urging insurtech startups to apply for a new initiative – the Isle of Man Innovation Challenge.

Centred around three themes – fintech, cleantech and AI – innovators have been invited to pitch their propositions by 29 February 2024.

Launched in November 2023, the Isle of Man government explained that the scheme “facilitates collaboration with local businesses, government agencies and regulators to enhance solutions and gain insights for global readiness”.

It continued: ”Mentorship and support are available, guiding innovators to success, whilst networking opportunities connect participants with industry peers, potential clients and investors. Additionally, winners and participants receive added local and international exposure, bolstering project credibility.”

Simon Pickering, head of insurance and pensions at Finance Isle of Man, said: “I am delighted that Regsearch [is] working with the Isle of Man Financial Services Authority – it’s great to see [its] continued success.

“This just goes to show that the Isle of Man has the expertise needed to help fintech and other companies take things to the next level. I hope this will be inspiring to those companies thinking about getting involved with the Innovation Challenge.”

Douglas added: “I would encourage businesses of a similar size [to] ours to consider applying for the upcoming Innovation Challenge and experience the welcoming collaborative ecosystem.”