Three new research projects commissioned by Business Secretary Greg Clark will investigate how businesses can make best use of artificial intelligence in insurance and law.
Analysing consumer attitudes to AI, the research will look at using the tech to reduce processing times and save money for consumers, improve customer engagement, and consider how people interact with technology.
The projects are backed by £3 million through the Industrial Strategy Challenge Fund and will focus on key areas including 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.
It will also investigate unlocking the potential of AI for law, bringing 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.
The third will consider innovating next generation services through collaborative design. The research will 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.
“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,” said Clark.
“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 Next-Generation Services Challenge seeks to take on the biggest industrial and societal challenges of our time. Services account for almost 80 per cent of the UK economy, with financial and professional services alone employing around 2.2 million people and valued at £190 billion.”
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. “
These projects will run for up to three years and commence in December 2018.