Insurtechs get AI funding boost from Spring Budget announcement.

March 15, 2024
1 min read

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TLDR:

  • Government announces more funding for UK’s AI industry, including insurtechs
  • Chancellor pledges £100m for the Alan Turing Institute and a new £7.4m AI upskilling fund for SMEs

Key Elements:

Insurtechs have welcomed the government’s announcement of additional funding towards the UK’s artificial intelligence (AI) industry. In the Spring Budget, Chancellor Jeremy Hunt announced a doubling of investment for the Alan Turing Institute (ATI), bringing its total funding to £100m. Additionally, a new £7.4m flexible AI upskilling fund was introduced to help SMEs, including insurtechs, develop AI skills.

The UK aims to become a “technology superpower” with a focus on AI. Figures from technology solution provider FIS showed that 63% of insurance executives were already investing in AI and machine learning in the UK alone. The government’s goal is to fast-track the UK’s technology standing with the help of businesses utilizing AI.

Insurtechs have expressed optimism and excitement about the funding initiatives, believing that it will enhance the UK’s position as a tech hub and drive innovation in addressing global challenges. The measures are expected to foster a vibrant, diverse, and innovative entrepreneurial community within the UK tech sector.

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