The role of Artificial Intelligence (AI) in the UK insurance sector has sparked widespread debate, particularly with the recent concerns raised by the Financial Conduct Authority (FCA). In a 2024 warning, the FCA cautioned that AI-driven hyper-personalization could make some individuals “uninsurable,” raising concerns that technology could exacerbate inequalities in the market. While this perspective highlights potential risks, it should also consider AI’s transformative power to drive inclusion rather than exclusion, especially when we look at “agentic” AI – systems capable of autonomous actions and decision-making that can enhance fairness and access across the sector.
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