Financial Conduct Authority (FCA)
FCA weighs AI challenge as ChatGPT reshapes insurance distribution
The Financial Conduct Authority is considering a review of whether its regulatory perimeter needs to expand as growing numbers of consumers turn to artificial intelligence tools such as ChatGPT for help choosing an insurance policy.
Big Interview: Matt Brewis, KPMG
In his first interview since leaving the Financial Conduct Authority, Matt Brewis reflects on his time at the regulator, his new role at KPMG, and discusses the major sticking points between regulation and industry.
Brewis on regrets the FCA didn't go further on fair value
Former Financial Conduct Authority head of insurance Matt Brewis has said he wishes the regulator had gone “further along the journey of fixing fair value assessments”.
Why trust will decide the next phase of AI in insurance
As AI adoption accelerates, Ben Rose, president and co-founder of Supercede, says insurers will favour trusted, resilient technology partners over the fastest-moving newcomers.
Mills Review means AI governance is now a boardroom issue
As insurers accelerate artificial intelligence adoption, Michael Sicsic, managing partner at Sicsic Advisory, argues success will depend not on moving fastest, but on balancing innovation with robust governance, accountability and continuous oversight of…
How AI cut Miller’s KYC processing time by over 50%
From cutting KYC processing time by more than half to automating routine work, Clare Lebecq, group chief operating officer of Miller, reveals how her artificial intelligence strategy is delivering measurable business value.
Is it Terminator: Judgment Day for insurance AI?
Editor’s View: Emma Ann Hughes argues the safest future for insurance as it intertwines with artificial intelligence is one where humans retain the ability to say “Hasta la vista, AI” and can still keep calm and carry on if they have to flick the kill…
Data quality is one of the biggest barriers to success with AI
Helen Richardson, senior product manager for the UK and Ireland at LexisNexis Risk Solutions, points out before the artificial intelligence revolution can happen, insurance providers need to get their data house in order.
FOS believes it is still 'too soon' to judge Consumer Duty impact
It is too early to determine whether the Consumer Duty has reduced complaints about home and travel insurance, the Financial Ombudsman Service has told peers.
FCA pressed by Lords over regulating ChatGPT
The Financial Conduct Authority has been challenged by peers over whether artificial intelligence platforms such as ChatGPT should be brought within the regulator’s remit.
Insurers must govern AI as aggressively as they adopt it
Hakob Astabatsyan, co-founder and CEO of Synthflow AI, explains how addressing artificial intelligence-driven fraud requires a tailored response that combines technology, process and culture.
Who holds the key? The AI race to secure insurance data
As artificial intelligence becomes deeply embedded in underwriting and claims, Emma Ann Hughes examines if insurers are doing enough to keep their customers’ data safe.
Is the London Market ready for widespread AI adoption?
David Sexton, vice president and head of insurance for global growth markets at Cognizant, unpicks the market's uneven investment in artificial intelligence and how focus to-date has been on improving current workflows rather than rethinking how the work…
Will the FCA’s non-financial misconduct rules change the City?
As the September deadline for the FCA’s non-financial misconduct rules approaches, Séamus O’Hanlon explores how insurers are adapting to the regulation and if it will make a difference.
Stop being hypocritical and give PCWs what they want
Deputy Editor’s View: Scott McGee argues that if insurers want aggregators to focus on more than just price, they should provide the claims data they’ve been asking for.
Is AI the broker’s saviour or their nemesis?
As artificial intelligence moves closer to customers and advice, David Worsfold points out the industry faces its biggest existential question yet: where does the broker fit in?
Why delegated oversight can no longer be housekeeping
Lloyd’s has embraced delegation at scale, but Richard Spencer, managing partner of New Link Consulting, argues governance and customer outcome monitoring have failed to keep pace.
Proactive AI can assist vulnerable customers, says IPI’s Farley
Personalised and proactive AI can help vulnerable customers while freeing up capacity, says IPI AI strategist Craig Farley, who believes insurers need to start linking their data systems together to help key individuals.
Urban Jungle joins FCA innovation and growth group
Urban Jungle, as well as four other financial services firms, has joined the Financial Conduct Authority’s Scale-up unit to support innovation and sustainable growth.
What Lloyd’s Neal investigation means for workplace relationships
Editor’s View: Emma Ann Hughes observes Lloyd’s investigation of John Neal’s conduct raised important questions about whether insurers have the transparency, governance and culture required to tackle personal relationships when they intersect with power.
FCA bans father and son over client money misuse
The Financial Conduct Authority has banned Alec and Robert Finch from UK financial services, after the High Court found they misused client money at former broker AFL Insurance Brokers.