Nikhil Rathi, Chief Executive of the Financial Conduct Authority, recently delivered a speech – the Gordian knot of growth – at the Association of British Insurers Roundtable.
Here’s some comment from Kristy Lovegrove, Group Head of Technology at Pro Global;
“The FCA’s focus on unlocking sustainable growth while ensuring strong consumer protections is a welcome and timely message for the insurance sector. The emphasis on data quality and the responsible use of AI highlights a critical challenge for insurers, particularly when considering how AI can be integrated strategically within their business ecosystem. Rather than seeing AI solely as a tool for automation, insurers must view it as a key component of their broader business strategy – one that can enhance not only operational efficiency but also decision-making across underwriting, claims, and portfolio management.
It is critical for re/insurers to navigate this shift by focusing on AI and automation as part of a holistic, ecosystem-first approach. We advise leading re/insurers on implementing automation across their processes, with a focus on enhancing risk selection, improving underwriting practices, and increasing operational resilience. As advanced automation reshapes how insurers operate, it’s crucial to ensure transparency, accuracy, and fairness in data-driven decision-making, all of which are necessary to maintain consumer trust. We look forward to continuing to support insurers in driving innovation that is responsible, sustainable, and aligned with regulatory expectations.”
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