How AI can help brokers overcome the fear and frustration of compliance in 2024
With compliance costs on the up, brokers need all the help they can get to address this regulatory burden. FullCircl's Ashleigh Gwilliam, and David Sparkes of the British Insurance Brokers’ Association, outline the benefits of a data-drive approach to address this.
The Consumer Duty was one of the most talked about broker topics of 2023. With the Financial Conduct Authority at pains to stress brokers need to “raise their game”, and poised to take action against firms that fall short of the mark, it seems likely that compliance will remain a highly debated topic in 2024.
It’s an inevitability that new regulation will increase compliance costs. According to the British Insurance Brokers’ Association direct regulatory costs for brokers are 40% higher than in
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