Isle of Man regulator and insurtech show the power of collaboration.

February 25, 2024
1 min read




Isle of Man Regulator and Insurtech AI Partnership

TLDR:

Key points:

  • The Isle of Man’s financial regulator, the Financial Services Authority, has partnered with insurtech Regsearch to implement AI technology for regulatory compliance.
  • The collaboration aims to streamline compliance and reporting for businesses regulated by the FSA on the island.

Article:

The Isle of Man Financial Services Authority has partnered with AI-focused insurtech Regsearch to enhance regulatory compliance through artificial intelligence technology. Regsearch’s AI chatbot, Regi, will be integrated with the regulator’s website to provide automatic compliance and reporting resources for businesses under the FSA’s jurisdiction. This collaboration emphasizes the commitment to adopting innovative technologies to improve regulatory standards.

Regsearch, a participant in the Isle of Man Insurtech Accelerator Program, caught the attention of the FSA during the program’s final demo day. The partnership between Regsearch and the FSA signifies the power of collaboration between startups and regulatory bodies to drive meaningful progress and innovation in the industry.

The Isle of Man is currently encouraging insurtech startups to participate in the Isle of Man Innovation Challenge, focusing on fintech, cleantech, and AI solutions. This initiative aims to foster collaboration between innovators, local businesses, government agencies, and regulators to enhance solutions and prepare for global opportunities. Participants will receive mentorship, support, and networking opportunities to enhance project credibility and gain exposure locally and internationally.

Overall, the partnership between the Isle of Man FSA and Regsearch showcases the benefits of collaboration and innovative technologies in driving regulatory compliance and progress in the insurtech industry. The Isle of Man Innovation Challenge further highlights the commitment to fostering innovation and collaboration within the sector.


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