UK Industrial Strategy to investigate how AI can boost legal and financial services
UK Business Secretary Greg Clark commisions research into how AI can modernise the UK's financial and legal services whist providing better services to customers.
Focus sectors for AI research
The projects are to be funded by a £3 million Industrial Strategy Fund and will focus on:- Technology Driven Change and Next Generation Insurance Value Chains - working with customers and business the project will consider how AI can speed up deliver of insurance services, such as underwriting and claims processing, to save customers money
- Unlocking the Potential of AI for Law - bringing together academics, lawyers, businesses and programmers the project will look at how to develop the skills, training and codes of practice to use AI in unlocking the potential for good in the legal sector
- Innovating Next Generation - the project will work with mid-size firms from law and accountancy to consider the future uncertainties about the roll-out of new AI technologies in accounting and legal services
Read more on the UK Government's Industrial Strategy in the winter 2018 edition of Relocate Magazine
Value of UK financial and legal service industries
Service industries account for almost 80% of the UK economy. Financial and professional services employ around 2.2 million and are valued at £190 billion.With the UK set to leave the European Union, ensuring future competitiveness in legal services is a priority for government and business.Lord Chancellor David Gauke commented that AI will transform the industry, by speeding up the review of contracts and potentially predicting the outcomes of cases.Lord Gauke summarised that, "This new funding will foster innovation and increase understanding of AI to strengthen the UK’s reputation as a global centre for legal services and emerging technologies."The research funding may appear extremely timely as two new studies identified skills gaps where businesses are failing to prepare staff with the skills to and harness the potential of AI; and in addition how the harnessing of AI could help to fill skills shortages that may emerge when Britain leaves the EU.- Study finds lack of HR planning in workforce upskilling
- UK business R&D spending and hirings hit new highs
- Fear of robots negatively transforms the workplace
The Modern Industrial Strategy
The Department for Business Energy and Industrial Strategy published their modern Industrial Strategy in November 2017 in which artificial intelligence and the data-driven economy was identified as one of the four Grand Challenges.The strategy is designed to build on Britain's economics strengths, address its productivity, embrace technological change and support businesses and its workers.Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Access hundreds of global services and suppliers in our Online Directory©2024 Re:locate magazine, published by Profile Locations, Spray Hill, Hastings Road, Lamberhurst, Kent TN3 8JB. All rights reserved. This publication (or any part thereof) may not be reproduced in any form without the prior written permission of Profile Locations. Profile Locations accepts no liability for the accuracy of the contents or any opinions expressed herein.