Lloyd’s will utilise the REG platform to help reduce the administrative burden on UK coverholders

REG (UK) has been selected by Lloyd’s, the world’s specialist insurance and reinsurance market, to assist in recording data and to help reduce the administrative burden on UK coverholders.

The online due diligence and regulatory compliance platform will be utilised by Lloyd’s to capture and maintain up-to-date public market data, initially on all its UK based coverholders, and to feed this information directly onto Atlas, the Lloyd’s repository for coverholder data.

Michael Phair, chief executive of REG said: “We are delighted to be able to assist Lloyd’s. The REG platform will allow coverholders to focus on adding value to their clients and growing their business by removing the burden of manual inputs of key corporate and compliance data.”

Paul Brady, Lloyd’s head of policyholders and third-party oversight added: “The REG platform enables us to utilise a proven and award-winning Insurtech solution that benefits our coverholders by reducing the amount of data they are required to keep up to date.”

REG has said it will continue to develop its platform services to support Lloyd’s coverholder management activities with plans including the launch of an international coverholder capability in early 2018, and expanding the range of data points that REG updates on Atlas.