London-based strategic risk and regulatory consultancy Sicsic Advisory has sealed a partnership with software-as-a-service lifecycle management company Skyjed to improve the management of insurance products' lifecycles.
The two parties say their newly-released Oversight360 platform combines the regulatory and insurance expertise of Sicsic, and Skyjed's advanced technology.
The offering enables insurers and brokers to have a more comprehensive view, and greater control, of insurance products through their lifecycles thanks to improved data sharing between all parties, the partners added.
Sicsic and Skyjed added the platform will support firms' compliance with fair value and product oversight requirements, in particular the UK Consumer Duty regulation, at the centre of the Financial Conduct Authority's (FCA) strategy to prevent consumer harm.
"The FCA expects the sharing of product fair value assessments and up-to-date records across multiple parties," said Michael Sicsic, managing partner at Sicsic Advisory.
"However, concerns have been raised about the quality of analysis and data sharing, with regulatory actions threatened against non-compliant firms."