Projects can apply for a share of £3.5 million to speed up use of artificial intelligence and data technologies in accountancy, insurance and legal services
The service sector accounts for 80% of the UK economy. Financial and professional services alone are worth £190 billion to the economy and employ 2.2 million.
New technologies, such as artificial intelligence and data analytics, have the potential to transform these industries.
Services such as legal, accounting and insurance need to develop a new generation of services to improve what they do for their customers and to remain globally competitive.
UK Research and Innovation has up to £3.5 million to support projects developing new accountancy, insurance and legal services based on artificial intelligence and data technologies.
The funding is from the UK government’s £20 million Industrial Strategy Challenge Fund Next Generation Services Challenge, which aims to explore how new technologies could transform these services.
Projects should aim to improve access to data
The competition aims to speed up responsible development and adoption of artificial intelligence and data technologies in accountancy, insurance and legal services through better access to data.
Applications are sought from multi-disciplinary teams including the social sciences and science and engineering and from teams that include regulators, users, service providers, and technology providers.
Only projects developed at an innovation lab event are eligible to apply for funding. Register to take part in the innovation lab by 4 September
have particpated in the innovation lab taking place between 14 and 16 October 2019identify and develop a data access method to allow an artificial intelligence application for one or more of the 3 sectorsaddress incentives, opportunities and ongoing business models for sustainable data accessconsider broader, non-technical issues around data access, including ethics, bias and privacy
the competition opens on 14 October 2019, and the deadline for applications is midday 20 November 2019businesses of any size may applywe expect projects to attract a maximum grant of £1.15 million and contribute at least equal funding