Are you an insurance executive struggling to keep up with the ever-changing regulatory landscape? Do you find yourself drowning in paperwork and manual processes? Look no further than Regtech Open Project (RTOP), the technology business specialized in the automation, management, and optimization of regulatory compliance operations.

In their recent interim report for the period ended 31 December 2023, RTOP announced revenue of £0.4 million, representing trading for approximately 4.5 months from 14 August 2023, the date the Company assumed control of the Italian trading business, to 31 December 2023. This figure includes £0.2 million of subscription and maintenance revenues which are recurring in nature, the balance being for professional services and licenses. These 4.5 months show an adjusted EBITDA loss of £0.9 million which represents the company’s underlying trading.

But what does this mean for insurance executives? It means that RTOP has the expertise and technology to streamline your regulatory compliance operations, saving you time and money in the process. Here’s how:

1. Board members appointed: In August 2023, RTOP appointed Ian Halliday-Pegg as CEO and Albert Ganyushin as Board Chair, and listed on the main market of the London Stock Exchange. This leadership team brings a wealth of experience and knowledge to the table, ensuring that RTOP is well-positioned to help insurance executives navigate the complex regulatory landscape.

2. Operational enhancements: RTOP executed comprehensive operational enhancements to prepare for scale-up, including company branding and website, marketing and sales operations, and engaging customers to evaluate their usage of their products to clearly understand their path to increasing maturity in Operational Resilience and how they can support that journey with their solutions. This means that RTOP has a deep understanding of the challenges facing insurance executives and can tailor their solutions to meet their specific needs.

3. Sales team growth: The sales team has worked to grow the pipeline of new sales to a total of £1.1 million as at 31 December 2023, of which 45% was sales to existing customers, and 70% of the pipeline is new subscriptions (recurring revenues). This means that RTOP is constantly innovating and improving their solutions to meet the evolving needs of insurance executives.

4. Partnerships: RTOP benefited from partnerships, collaborating on customer projects and tenders in the private and public sector with the ‘big four’ consultancies in Italy, and with its long-term strategic software partner Everbridge. This means that RTOP has a wide network of experts and resources to draw upon to help insurance executives optimize their regulatory compliance operations.

5. Funding: The business received £1,046,566 in funds from the shareholder loan, which partially performed in the period. The board has managed the business prudently in light of this and has considered alternative sources of capital to mitigate the partial performance. This means that RTOP is financially stable and well-positioned to help insurance executives optimize their regulatory compliance operations for the long-term.

In conclusion, if you’re an insurance executive struggling to keep up with the ever-changing regulatory landscape, look no further than RTOP. With their expertise and technology, they can streamline your regulatory compliance operations, saving you time and money in the process. Don’t take chances with your regulatory compliance operations, get in touch with Riskwolf to develop parametric insurance for your specific case. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, they enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

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