Logalty Group, a leading name in Spain’s LegalTech and RegTech sector, has received approval for the first project specifically aimed at insurance companies and insurance groups as part of the financial sandbox, an initiative by the Spanish Ministry of Economic Affairs and Digital Transformation to drive technological innovation in a controlled environment under the regulator’s supervision. Logalty Group is therefore the first company to approve a Governance, Risk and Compliance (GRC) model in this new testing ground. It is also the first project to be admitted under the supervision of Spain’s Directorate-General for Insurance and Pension Funds (DGSFP).
The GRC management model developed by Logalty’s RegTech division was approved after passing a pilot test. During that process, it was certified that the technology facilitates compliance with regulatory requirements while enabling efficient risk management. Furthermore, it provides insurance companies with a more collaborative environment, giving them a bird’s-eye view of the data and facilitating monitoring and internal reporting.
The project is specifically geared towards insurance companies as it provides a single platform for GRC management of different companies or subsidiaries in a single group. The GRC’s centralised view makes for a comprehensive management solution resulting in considerable savings in terms of time and costs.
Maria Dolores Pescador, Executive Chairman of Logalty Group, noted that “the constant search for new ways of creating innovative technologies that help companies—and therefore society—is what inspires us the most. And so it makes us proud to be one of the first companies to pass the tests of the financial sandbox. We would like to thank the General Secretariat of the Treasury for getting behind a solution that we believe is going to assist the insurance sector with process optimisation and digitalisation.”.
The project is one of 12 projects that have been authorised to sign the Testing Protocol in the first call for proposals for the financial sandbox, out of a total of 66 projects that were originally presented. What’s more, Logalty Group has received approval for another project that was presented in the second call for proposals focused on digital identification in collaboration with Bankinter, which is still in the testing phase.
