Online due diligence and regulatory compliance platform REG (UK) Ltd has good news for firms scrambling to comply with the General Data Protection Regulation (GDPR).
“Our mission is to ease the burden of legal and regulatory processes in the insurance industry,” said REG’s recently appointed managing director Paul Tasker. “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.”
The regtech’s move – enabling users to create and exchange proprietary documents at no additional cost – is aimed at helping customers not fall foul come May 25, the day GDPR takes effect. In addition, REG has now incorporated the new Lloyd’s Market Association GDPR TOBA templates into its digital TOBA exchange service.
According to REG, clients have reported seeing a 75% reduction in the time it takes to complete a TOBA issue. The REG system, which also tracks and audits the progress of acceptances, has facilitated faster completion in that area as well.
