Transforming accountancy, insurance and legal services with AI and data
Fund Name: Transforming accountancy, insurance and legal services with AI and data
Project Length: 1 - 2 years
Project Value: Share of £12M
UK business and research organisations can apply for a share of £12 million from the Industrial Strategy Challenge Fund. This is to develop AI and data enabled products and services within accountancy, insurance and legal services.
UK Research and Innovation will invest up to £12 million in innovation projects to support the application of artificial intelligence (AI) and data technologies. Projects should aim to transform the 3 target sectors:
- Legal services
These are sectors where there is an imminent threat from overseas competition.
This competition is part of the Next Generation Services Challenge. This is a joined up national innovation programme. It supports projects from applied research through feasibility studies to experimental development.
All projects should show how they will address challenges which will delay or adversely impact adoption. For example, this can include issues around ethics, privacy, bias and transparency and how people’s acceptance and behaviours will affect the service transformation.
There are 2 strands to this competition.
- Large consortia projects addressing common, sector-wide challenges requiring a co-ordinated approach across, for example, supply chains or regulators. These projects can include academic researchers in social sciences, humanities, computer science and mathematics. These projects need to show significant transformational impact on the sector. Total project costs should be between £2 million and £4 million, and projects should last up to 2.5 years. Projects should plan to start by 1 December 2018 and all projects must complete by 31 March 2021.
- Smaller projects aiming to apply AI and data techniques in new ways within accountancy, insurance and legal services. These smaller projects can be from single companies or small consortia. Total project costs should be up to £400,000 and projects should last between 1 and 2 years. Projects should plan to start 1 December 2018. All projects must complete by 31 March 2021.
The project needs to include the following:
- clear consideration of end user experience and design
- the development of new approaches and solutions in the use of data and AI for the 3 target services sectors
- a clear description of how you will take the product to the marketplace
- consideration of broader, non-technical aspects that adoption of AI and use of data bring including ethics, bias, privacy, transparency
Get in Touch
If you think that you might be eligible for Transforming accountancy, insurance and legal services with AI and data, please Get In Touch by filling out the contact form below.Back to all funds