LONDON - 27 August 2020 - AkinovA, the electronic marketplace for the transfer and trading of re/insurance risks, has been certified as a fully registered Financial Services Qualification System (FSQS) supplier.
FSQS is a community of financial institutions including banks, insurance companies, building societies, and investment services, collaborating to agree a single standard for collecting the increasing amount and complexity of third party information needed to demonstrate compliance to regulators, internal policies and governance controls.
The FSQS community includes many well-known financial services organisations including Tokio Marine Kiln, LV=, RSA Insurance Group, NFU Mutual, Lloyds Banking Group, BNP Paribas, Metro Bank, Santander, Bank of England, TSB, Bank of Ireland, Clydesdale Bank and many more.
AkinovA’s, CEO, Henri Winand said: “Becoming an FSQS member was requested by some of our clients. The business case is clear as we ramp up the onboarding of regulated users onto AkinovA which, itself, is also a regulated infrastructure”. FSQS certification speeds up the pre-onboarding, due diligence and qualification process and saves companies a significant amount of the time, effort and cost by allowing them to access common supplier information in a central system.
With the regulatory environment becoming increasingly complex, FSQS is there to improve the way suppliers and customers work together to minimise risk and protect customers.
AkinovA is an independent electronic marketplace for the transfer and trading of re/insurance risk which is regulated in Bermuda. The marketplace is a regulated electronic environment where insurance and reinsurance risks can access new sources of capacity as well as increase the efficiency of transferring and trading re/insurance risks in the primary and secondary markets. AkinovA also offers re/insurance service providers an additional channel to share their models, data and expertise with market participants. AkinovA is working with the existing re/insurance value chain to grow the overall market.
AkinovA operates with the regulatory oversight from the Bermuda Monetary Authority (BMA), under AkinovA’s Insurance Regulatory Sandbox licence.