New research from Fair4All Finance shows how technology can widen access to fair, affordable insurance for people in vulnerable circumstances.
Millions of people across the UK still lack the protection they need when life goes wrong. Our new report, Has AI got us covered?, finds that while most insurers are already using AI, it’s mainly improving efficiency for existing customers – not tackling exclusion.
Key reflections
- Of the 20.3m UK adults are in financially vulnerable circumstances, 26% hold no insurance.
- Rising costs are a major barrier-nearly half (49%) of excluded groups say affordability affects their ability to buy cover.
- 95% of firms are adopting AI, but deployments focus on onboarding, claims and cost‑to‑serve rather than inclusion.
- Barriers include low perceived commercial incentive, regulatory uncertainty and standardised distribution.
Where technology can help
AI, open banking data and new models-like pay‑as‑you‑go, micro‑insurance and parametric products – could make pricing fairer, reduce friction and better reflect people’s real lives. But they need to be paired with human‑centred design and clear regulatory pathways.
Our call to action
We’re inviting insurers, regulators and policymakers to work with us to: co‑design with people who’ve been excluded, use FCA innovation pathways and sandboxes to test AI safely, and build partnerships that can scale what works.
