Can Artificial Intelligence help transform the law and insurance industries?

  • Artificial Intelligence has been everywhere the last year, but can businesses in the law and insurance sector use this emerging tool to improve their operations? A new £3m scheme is seeking to answer that question.

    AI is all around us, from Siri and Cortana on your phone and desktop to breakthoughs in video game graphics. Every industry seems to have its eyes on tools such as machine learning and deep learning, and the law and insurance sectors are no different.  UKTN reports that new government research projects are on the way to investigate the best uses of artificial intelligence technology in the law and insurance industries.

    UK Business Secretary Greg Clark has commissioned these three AI projects with an investment of £3m through the Industrial Challenge Fund. The projects will each run for three years and will investigate the best use of insurance in AI, consumer attitudes to AI, and law in AI:

    Unlocking the Potential of AI for Law: This project will unite different individuals across the legal sector, to attempt to underpin the power of AI in legal services. Lawyers to Programmers will be united with the common goal of developing the data challenges, come together to establish best practice and utilise AI to resolve disagreements.

    Innovating Next Generation Services through Collaborative Design: This project will establish the power of utilising existing information, AI developments and service design to analyse the barriers to AI model innovation within the accounting and legal services.

    Technology Driven Change and Next Generation Insurance Value Chains: Working closely alongside businesses, the transformation of insurance services delivery will be analysed to establish methods to speed up the process for consumers and to be able to fundamentally save consumers money.

    "AI and data-driven technologies have the potential to transform our services sectors but 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," explained Stephen Browning, Challenge Director of Next Generation Services, UKRI.

    SOURCE: UKTN Article

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