2026-09-17 · Source: Insurance Business UK
Summary in 3 Points • 80% of UK consumers use AI assistants weekly, with 60% relying on them for financial decisions • 62% of consumers cannot verify AI guidance accuracy, risking poor financial product choices • Defaqto's research highlights the need for data quality in AI, with firms like Savanta and Emotional Finance advocating for human oversight --- Research presented at Defaqto's 2026 Data of Record conference reveals that 80% of UK consumers use **AI assistants** at least three times a week, with 60% utilising them for making financial decisions. Despite this widespread adoption, a significant trust gap persists, as 62% of consumers report they are unable to verify the accuracy of AI-generated guidance. This inability to assess AI advice leaves many at risk of making poor financial product choices. The study, conducted by Savanta on behalf of Defaqto, underscores the critical importance of data quality, as AI outputs are only as reliable as the data they draw upon. Emma Boardwell, founder of Emotional Finance, emphasised the dual need for speed and human connection in financial services. For the **London Insurance Market**, this trend of increasing reliance on AI tools for financial decisions has direct implications for **insurance brokers** and underwriters. The 2026 Guidewire European Insurance Consumer Survey indicates that only 30% of UK consumers are comfortable with AI determining their insurance policy prices. The conditions for AI acceptance—human intervention, transparency, and independent regulation—are areas where London Market brokers excel. As AI tools become more prevalent, the gap in outcomes between AI-driven and broker-assisted insurance decisions is likely to widen, presenting both challenges and opportunities for London Market professionals. **Underwriters** and brokers should consider reinforcing the value of human oversight and accountability in their service offerings. As AI becomes a more common first stop for insurance decisions, professionals in the London Market can differentiate themselves by emphasising the benefits of broker-assisted services, such as personalised advice and comprehensive market views. Additionally, ensuring that AI tools used in the market are based on high-quality, independently verified data will be crucial for maintaining consumer trust and achieving favourable insurance outcomes.