New government research projects will investigate how businesses can make best use of artificial intelligence (AI) in insurance and law.
Law and insurance services are set to be modernised by artificial intelligence thanks to new research delivered through the Industrial Strategy, the government’s plan to boost jobs and drive innovation in the UK.
Using AI to reduce processing times and save money for consumers, improve customer engagement and consider how people interact with technology, is the focus of new research commissioned by Business Secretary, Greg Clark.
Three new research projects will investigate how businesses can make best use of AI in insurance and law as well as analysing consumer attitudes to AI.
The projects backed by £3m through the Industrial Strategy Challenge Fund will focus on:
- Technology Driven Change and Next Generation Insurance Value Chains – how AI can be applied to processes such as underwriting and claims processing, speeding up the process for customers. Working with business, the project will consider how AI technologies can transform delivery of insurance services and save consumers money;
- Unlocking the Potential of AI for Law – how AI can be put to use in legal services and how to unlock its potential for good. The project will bring academics, lawyers, businesses and programmers together to develop the skills, training and codes of practice to deliver these benefits. The team will gather best practices across the world, outline data challenges, identify where and how AI can legitimately resolve disputes; and
- Innovating Next Generation Services through Collaborative Design – to consider future uncertainties about the roll-out of new AI technologies in accounting and legal services by using insight, existing studies, developments in AI and service design, as well as analysing the potential barriers to AI-based business model innovation. The project will work with mid-size firms across law and accountancy.
Commenting, Business Secretary Greg Clark said: “The UK is the home of AI – from Alan Turing’s pioneering work to today’s growing use of AI throughout the economy. Artificial Intelligence is changing how we work, live and play.
Consumers still trust big brands despite data breaches
“Through our modern Industrial Strategy, we want to build on our history of innovation to develop and deploy AI to create new opportunities and improve services across the whole economy.”
The announcement builds on the government’s commitment to help drive forward innovation in the public sector and the opportunities of AI. It recently announced £10m of funding through the Regulator’s Pioneer Fund to support bodies to create a regulatory environment that gives businesses the confidence to use emerging technologies.
Stephen Browning, Challenge Director of Next Generation Services, UKRI, said: “AI and data driven technologies have the potential to transform our services sectors but in order for the UK to derive the biggest benefit, we will need to address not only the technical challenges that application of these technologies requires but also the human behavioural challenges that must be addressed.
“That is why I’m particularly excited by these 3 projects that bring multi-disciplinary research to bear, examining business model, behavioural and technical challenges with the use of AI and data and together addressing accountancy, insurance and legal services.”
These projects will run for up to 3 years.