The Government is offering organisations the chance to apply for a share of £3.5 million in funding to speed up the use of artificial intelligence and data technologies in accountancy, insurance and legal services.
According to the Government’s own figures, the service sector accounts for 80% of the UK economy, with financial and professional services firms alone worth £190 billion to the economy and employing 2.2 million people.
It is claimed that new technologies, such as AI and data analytics, have the potential to transform these industries. For example, 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 & Innovation has up to £3.5 million to support projects as part of the Government’s £20 million Industrial Strategy Challenge Fund Next Generation Services Challenge, which aims to explore how new technologies could transform these services.
Applications are sought from multi-disciplinary teams, including those from 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 between October 14 and 16 2019 are eligible to apply for funding and they must have registered to take part by September 4.
It is expected that projects will attract a maximum grant of £1.15 million and contribute at least equal funding.