Insurtech UK has worked with Fair4All Finance on its latest report exploring the role of AI and new technologies in helping insurers close the protection gap.
Millions of people are unable to access the financial products and services they need to manage their money, build resilience and protect themselves against life’s shocks. Financial exclusion not only limits individual lives – it also constrains productivity, deepens inequality and holds back economic growth.
AI and data-driven technologies are moving rapidly from niche applications to mainstream use and decisions taken now – about how these tools are designed, governed and deployed – will shape markets and outcomes for decades to come.
Insurtech UK and Fair4All Finance believe now is the time to consider how technology can support financial inclusion.
Their latest report, published today, explores how new technologies – including AI, machine learning and generative tools – are currently being used within the insurance sector, and where there is untapped potential to use them more deliberately to close the protection gap.
Commenting on the report, Melissa Collett, Insurtech UK CEO, said: "The UK’s insurtech ecosystem is constantly innovating, using the latest technological developments to improve existing insurance practices and processes, and to cover new types of risks or underwrite risks in different ways. Combining insurance expertise and technological innovation has further potential still to fuel an exciting array of novel products and services, supporting customers in a more tailored and impactful manner."
To read the full report on our website, click below to download it.