The survey found that insurers are increasingly deploying the technology in product development, customer service, claims management and marketing.
The FCA has found that many firms still have further to go to meet its expectations, particularly in the measurement, monitoring, and delivery of good service outcomes for customers.
While 99% of consumers feel that their insurance needs are met to some extent, 46% remain neutral or unhappy with their policies.
Which? analysis of the claims handling process found that 48% of all people making a claim about home, travel, motor and pet insurance experienced at least one problem in their claim journey.
The FCA’s anti-greenwashing rule requires all insurance firms to ensure sustainability claims are clear, fair, and evidenced, impacting all product communications from 31st May.
The 2023 Health & Financial Fears Report revealed that almost four out of five workers prefer to consult an adviser before buying an insurance.
Following Aviva's acquisition of AIG’s UK protection business, a number of brokers have expressed concerns.
The regulator reminded firms of its expectations that they check products are providing fair value to their customers.