Insurtech UK has welcomed the government’s introduction of a new advisory service that provides insurtechs with more personalised support. The new plans, due to launch next year, will include multiple regulators introducing a multi-agency service offering customised support to businesses. This project will help businesses meet the requirements while continuing to focus on innovation by exploring new solutions like artificial intelligence (AI).
Melissa Collett, the CEO of Insurtech UK, welcomed the proposed scheme, explaining that it will enable insurtechs to secure more tailored support and accelerate progress towards leveraging potential growth in the industry. Just recently, Tim Hood, the VP of EMEA and APAC at Hyland, stated that the insurance industry was willing to embrace new technology solutions like ChatGPT and AI compared to other industries.
A few months before this announcement, technology solutions firm FIS stated that over half of UK insurance leaders invested in AI and machine learning. According to a study published by FIS, over 60% of insurance executives continue to invest in AI and machine learning, compared to around 50% in the US. The government hopes that with the launch of this new service, companies will be able to drive forward with innovations more confidently and quickly, which in return will support the national economy. The project is also due to receive financial backing valued at over £2 million through government funding.
Digital technology solutions like AI are progressing constantly. Regulation must maintain pace with these ongoing changes but also ensure these measures can’t hinder the development of innovations capable of improving our lives.
Insurtech UK explains that safety remains a priority within defining regulations in the UK and believes this new service will support companies working through the compliance process and support safe and responsible innovation. The UK continues to invest and support businesses big and small, and Insurtech UK wants to ensure all organisations can recognise the necessary rules and regulations associated with new and emerging technologies.
Regulatory bodies must collaborate to ensure insurtech companies working with AI aren’t impacted by delays or experience potential barriers to delivering responsible innovation to the market.
