REG hopes to help clients meet GDPR deadline by reducing cost and time of issuing TOBAs

REG (UK) has said it has reduced the cost and time of issuing GDPR-compliant terms of business agreements (TOBAs).

It is to help its clients make the fast-approaching deadline of 25 May 2018.

REG has now updated its digital TOBA exchange service to include the new Lloyd’s Market Association GDPR TOBA templates, as well as enabling its customers to create and exchange their proprietary documents.

Firms receiving new TOBAs via REG can create an account, accept and return documents and share other requested information at no additional cost.

REG managing director, Paul Tasker said: “Our mission is to ease the burden of legal and regulatory processes in the insurance industry.

“We understand that events such as GDPR necessitate the restructuring and issuing of new business agreements. That’s why we have made this an included and unlimited service for all our customers. Firms accepting TOBAs can now register, approve and return documents at no charge.”

So far, REG says its customers have reported a 75% reduction in time to complete a TOBA issue, as well as a significant reduction in time to complete acceptance.