Artificial Intelligence (AI) and other data technologies are set to impact almost every sector of the economy, bringing significant opportunities for UK businesses. 

Across the accountancy, insurance and legal sectors, AI and data have the potential to transform the way businesses interact with customers, deliver better and more personal products and services, and bring systemic benefits such as better allocation of capital, better corporate governance and wider and improved access to services.

The AI for Services 2020 Report provides up to date insight into the state of play of AI and data technologies for the accountancy, insurance and legal services sectors, based on comprehensive research and new evidence from twenty interviews and two original surveys of industry participants. A series of specific case studies provide further tangible examples of how AI and data technologies can bring benefits to the services sector.

Download the Showcase Report here (15 pages)

The full version of the report is available here (85 pages)

 

Key findings

  • Within services, AI could lead to a gain in GDP in the global financial and professional services industry of approximately 10% by 2030 (PwC, 2018).
  • Services dominate the UK economy, accounting for approximately 80% of GDP and employing around 85% of UK’s employees
  • The legal, financial and insurance, and accountancy services sectors contribute £245.7 billion to the UK economy representing 12% of UK output 
  • Our research identified 553 AI & Data companies working in the accountancy, insurance and legal services sectors in the UK

Survey response

  • Increasing efficiencies, disruptive entrants, customer expectations, tech adoption by leading firms and changing workforce were identified as key drivers shaping AI and data innovation for the UK services sectors by our survey respondents
  • Access to skills, limited understanding of AI, access to financing, lack of AI strategy and ownership from senior leadership were identified as key challenges to the adoption of AI and data innovation in the UK services sectors by our survey respondents
  • 97% of firms surveyed agreed that the COVID-19 crisis presented an opportunity to follow on the momentum of digital transformation; 90% also agreed that it accelerated culture change; and 89% indicated that they expected new tech firms and AI providers to emerge in the wake of the crisis. 

 

While studies and reports exist on Artificial Intelligence and novel technologies in each of the services sectors, the AI for Services 2020 Report is a first in-depth study evaluating the size of the opportunity for the UK high value services sectors as a whole and reconciling learnings on the use and adoption of AI and Data across those sectors. By considering a wider perspective, this report can help support better decision making by policy makers, support organisations, incumbent firms and innovators alike and drive positive change. 

This report was commissioned by AI for Services with funding from Innovate UK. We would like to thank all contributors of the report and especially London Economics. for gathering, analysing the information, and preparing the report. A special acknowledgement to To the Point for designing the showcase report. 

AI for Services is a joint initiative between KTN and Innovate UK and part of the Next Generation Services Industrial Strategy Challenge Fund programme . The network already counts more than 1,300 leading businesses, researchers, firms and investors coming together to support the transformation of the UK services sectors and its global leadership position and demonstrate the opportunity and benefits of undertaking research and development. It also acts as a network of networks to share learnings, discuss common challenges and further encourage innovation transfer. For more information and to join click here.

Share this article