REG UK, a Regtech solution that streamlines counterparty compliance checks and accelerates agency processes, is offering its clients the opportunity to issue The British Insurance Brokers’ Association’s new standardised Terms Of Business Agreement electronically via its online agency management platform.
BIBA’s new template is aimed at streamlining the TOBA exchange process, lowering costs and making disputes less frequent.
REG UK says that paper-based onboarding and TOBA issuing processes are time consuming and represent a significant economic and opportunity cost to TOBA issuers, recipients, and the market as a whole.
As a result, they have chosen to support the new BIBA template as a means to “further streamline the exchange of regulatory documentation and made the document available to its clients for issue via the REG Network.”
BIBA’s Executive Director, Graeme Trudgill, said, “We felt so strongly about this that we made it one of our key manifesto issues for 2018. Our technical team have sought opinion from many stakeholders and this resulting TOBA template will benefit both insurers and brokers for many years to come.”
“We greatly welcome REG’s inclusion of the template on the REG Network in support of our strategic aim of driving out frictional cost and reducing bureaucracy.
“Our aim is for use of the template to be available across the insurance industry in years to come and by making the template available for issue to its wide membership base, REG is supporting us in achieving this goal.”
Nicholas Phair, Reg’s Managing Director added: “We have long been proponents and advocates of systems and processes that drive efficiencies in UKGI agency management. We greatly support BIBA’s move, in consultation with some of the UK’s largest insurers, to create and encourage the use of a standardised TOBA template.
“We believe that intermediaries will benefit from speedier assessment and acceptance of Terms of Business, and this will greatly facilitate the ease of doing business for all market participants. We are pleased to report that the new template has today been made available on the REG Network and is ready for our clients to issue to our 3,250+ registered Members.”