Recognizing pioneering companies transforming compliance, risk management, and cybersecurity.
According to the regulatory technology (RegTech) industry, there has been unprecedented growth over the last two years as banks and financial institutions are challenged with the unrelenting pace of regulatory change across all jurisdictions. Specialist research firm, RegTech Analyst, reviews the world’s most innovative technology solution providers that address these regulatory issues and identifies the leading 100 companies in the RegTech space.
The selected recipients were recognized for their innovative use of technology to generate cost savings, improve efficiency across the compliance function, or solve a significant industry problem.
“We are honoured that APEXA has been recognized by RegTech 100 and included in this exclusive list of technology trailblazers. APEXA’s governance model and industry reach is unique and we’re so proud to be making a difference in the life insurance industry,” says Tonya Blackmore, CEO of APEXA.
APEXA is a centralized, standardized digital contracting and compliance solution connecting Canadian advisors, MGAs, and carriers. Prior to launching in 2017, APEXA brought together teams of experts from nine leading Canadian MGAs and carriers, industry compliance professionals, and subject matter experts to form Canada’s first industry-governed solution for advisor contracting and compliance.
APEXA was created with the purpose to take the life insurance industry from paperwork to paperless, and to make processes more efficient for all parties. APEXA aims to simplify the process around regulatory and compliance requirements for MGAs and carriers.
"APEXA’s governance model and industry reach is unique and we’re so proud to be making a difference in the life insurance industry", Tonya Blackmore, CEO of APEXA
Independent advisors in Canada contract the majority of their life insurance sales through the MGA channel and can offer products from multiple insurance carriers to their clients. To ensure advisors are acting in the best interests of the consumer, regulatory and compliance requirements for MGAs and carriers include screening, monitoring, and reporting on advisor suitability.
This process was being conducted manually and in duplication across the industry and was not necessarily consistent or reliable, making it labour-intensive and highly vulnerable to compliance risks. APEXA saw this as an opportunity to transform and revolutionize the industry – by developing a standardized, web-based platform to conduct the screening, monitoring and oversight of life insurance advisors – on behalf of the life insurance industry. This innovative solution protects companies from reputation and regulatory risk and also drives operational savings by automating the oversight and monitoring processes.
“The impact of the most innovative RegTech companies will be measured in billions of dollars over the next few years,” according to Mariyan Dimitrov, head of research at RegTech Analyst. “RegTech 100 companies offer solutions that enhance processes across the entire compliance function, including onboarding verification, risk management, communications monitoring, information security and reporting by using the latest technologies such as artificial intelligence, blockchain, natural language processing and biometrics.”
Since its launch, APEXA has reduced compliance and regulatory risks, while at the same time, has met industry standards for advisor suitability guidelines. As a RegTech 100 recipient, APEXA is committed to continuing to provide a platform that will simplify processes and create more efficiencies for advisors, MGAs and carriers.