Insurtech UK Embraces Government’s New Advisory Service for Tailored Support

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Insurtech UK, the trade association for the UK’s insurtech sector, has expressed its support for the government’s new advisory service aimed at providing tailored support to businesses. The pilot scheme, set to launch next year, will see multiple regulators develop a multi-agency advice service to help businesses meet requirements in various sectors while promoting innovation, including through the use of artificial intelligence (AI). Insurtech UK’s chief executive, Melissa Collett, stated that the pilot scheme would enable insurtechs to receive more tailored support, allowing for a faster journey towards unlocking the growth potential of the sector.

The insurance industry has shown a greater willingness to embrace AI and chatbots compared to other sectors, according to Tim Hood, vice president of EMEA and APAC at Hyland. This sentiment is reflected in a survey conducted by technology solutions provider FIS, which found that over half of UK insurance executives are investing in AI and machine learning. This figure surpasses the investment rate in the US, highlighting the UK’s commitment to fostering technological innovation in the insurance industry.

The UK government hopes that its new advisory service will enable businesses to bring their innovative solutions to market in a responsible and efficient manner, which will ultimately contribute to the growth of the UK economy. Additionally, the scheme will be supported by over £2 million in government funding. Technology secretary Michelle Donelan emphasized the importance of regulation keeping pace with the rapid evolution of digital technology and AI while ensuring that innovation is not stifled. The goal of the new service is to assist businesses in navigating the compliance process, thereby supporting safe and responsible innovation.

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Insurtech UK’s Melissa Collett stressed the need for regulatory agencies to collaborate in order to prevent undue delays or unnecessary barriers for insurtech businesses working with AI. She emphasized the importance of enabling these businesses to bring their responsible innovations to the market without hindrance.

With the launch of the government’s new advisory service, the UK’s insurtech sector can look forward to receiving more tailored support, allowing for a faster path to unlocking its growth potential. By embracing AI and machine learning, the insurance industry is paving the way for innovative solutions that can enhance everyday lives. The government’s commitment to supporting businesses, regardless of their size, by helping them navigate regulations around emerging technologies is a testament to the UK’s dedication to fostering innovation while prioritizing safety. By working together, regulatory agencies and insurtech businesses can ensure a smooth and responsible integration of AI into the industry.

Frequently Asked Questions (FAQs) Related to the Above News

What is the purpose of the government's new advisory service?

The government's new advisory service aims to provide tailored support to businesses, including insurtechs, by helping them navigate regulations and promote innovation, specifically in the use of artificial intelligence (AI).

How will the advisory service benefit the insurtech sector?

The advisory service will provide insurtech businesses with more tailored support, enabling them to unlock their growth potential at a faster rate. It will help them navigate the compliance process and bring responsible innovations to the market without unnecessary barriers.

Why has the insurance industry shown a greater willingness to embrace AI compared to other sectors?

According to industry experts, the insurance industry's embrace of AI and chatbots is attributed to their potential for enhancing efficiency and customer experience. Insurers recognize the benefits that AI and machine learning technologies bring to their operations.

How does the UK's investment in AI and machine learning compare to the US?

A survey conducted by FIS found that over half of UK insurance executives are investing in AI and machine learning, surpassing the investment rate in the US. This highlights the UK's commitment to fostering technological innovation in the insurance industry.

How will the government's funding support the advisory service?

The government will provide over £2 million in funding to support the advisory service. This financial support will enable the service to provide effective guidance and navigation through the compliance process for businesses in the insurtech sector.

What is the role of regulatory agencies in the integration of AI in the insurtech industry?

Regulatory agencies play a crucial role in ensuring the responsible integration of AI in the insurtech industry. By collaborating and streamlining their processes, agencies can prevent delays and unnecessary barriers that may hinder innovation, enabling insurtech businesses to bring their responsible innovations to the market.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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