UK Insurance Providers Struggling with Consumer Duty Act Compliance
UK Insurance Firms and the Consumer Duty Act
New research from NTT DATA UK&I has unveiled that 82% of UK consumers have not noticed a significant change in their interactions with insurance providers since the implementation of the Consumer Duty Act in July 2023. This finding raises concerns about the effectiveness of current compliance strategies and consumer expectations.
Challenges in Meeting Consumer Expectations
Despite the regulations in place, it appears that many customers feel that their experiences remain unchanged. This suggests that insurance companies may not be fully addressing the needs of their clients.
Role of Artificial Intelligence
- The integration of artificial intelligence could enhance customer interaction methods.
- AI technologies may help insurers streamline processes and improve service delivery.
- Prioritize the adoption of innovative solutions to keep pace with consumer demands and legal requirements.
In conclusion, UK insurance firms must reassess their strategies to align better with consumer expectations and effectively leverage artificial intelligence to enhance their compliance with the Consumer Duty Act.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.