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Finance and insurance are really important contributors to the UK economy; therefore, the government offers remunerative funding schemes as an economic strategy to drive innovation in these sectors. One of the most effective tools driving innovation in the UK financial and insurance sector is the R&D tax claim scheme. This scheme provides beneficial R&D tax relief and R&D tax credits to companies contributing to scientific or technological inventions by focusing on research and development.

Innovation in the UK’s Insurance Sector

The UK’s insurance sector has gone through a digital transformation to maintain competitive proficiency. The finance and insurance industries are continuously improving to meet consumer demand and requirements. Moreover, technology has significantly revolutionised these sectors, bringing in software products and applications that facilitate finance and insurance companies in many ways.

There are numerous challenges in the insurance industry, from developing new digital systems that meet the requirements to integrating complicated software into the systems, which requires overcoming many scientific and technological challenges. And by the definition of R&D tax claim, given by the HMRC, any company that brings innovation through research and development and solves scientific or technological challenges falls under the category of R&D. Furthermore, all the activities involved in the process of resolving the uncertainties to create something new or improved are eligible for the R&D tax claim.

How Insurtech Has Revolutionised the Insurance Industry?

Insurtech is the recently coined term that refers to the innovative use of technology and software solutions to enhance the efficiency of the insurance industry. The technological advancements and digital strategies aim to improve various functions of insurance companies, including product development, claims processing, and customer service. Insurtech has reshaped the insurance industry by increasing efficiency, reducing costs, and enhancing the overall insurance experience with digitalised processes. Insurtech has evolved insurance companies by enabling digital documentation, online claim processing, reducing fraud, automating functions, enhancing transparency, and improving customer experience.

Artificial intelligence and machine learning is largely used by insurance companies to correctly analyse data and make more innovative use of technological tools to collect, store, and manage data. Moreover, cloud-based technologies have solved many challenges in the insurance industry such as storage and processing of large sets of data, make it more accessible from anywhere.

Eligible Activities in the Insurance Industry

Examples of R&D activities taking place in the insurance industry are:

  • Developing a new data extraction system for enhanced proficiency
  • Creating testing security systems to mitigate fraudulent claims
  • Developing risk management tools
  • Streamlining network communications.
  • Developing and implementing AI algorithms for processing or underwriting
  • Producing algorithms for the analysis of vast data sets to identify the pattern
  • Creating improved tools for increased productivity and speed of existing systems
  • Automating systems to reduce errors
  • Implementing analytical functions and valuation engines
  • Using AI to process data
  • Development of a module to improve usability
  • Increasing functionality of existing systems
  • Activity trackers to minimise cost
  • Smart sensors installed at home of the clients for constant monitoring
  • Telematics devices and apps with GPS which allow insurers to monitor policyholders’ driving behaviour in real time.
  • Blockchain technology used to enhance transparency
  • Insurtech to facilitate the rise of P2P insurance platforms
  • Use of AI and machine learning for an efficient fraud detection

Fund Your Innovations With R&D Tax Claim?

Want to take advantage of a beneficial R&D tax claim but don’t know where to begin? Don’t worry; Square Finance has got you covered!

Square Finance has the most experienced and proficient R&D tax consultants who will help you get through the R&D tax claim process easily. First, our R&D tax expert will analyse your company operations to determine the eligibility for the claim. Then, our adept consultant will identify all the eligible activities and related hidden qualifying expenditures to produce an R&D tax claim for your company. While tailoring claims, we ensure that every claim is fully maximised by including every single eligible costs and compliant with the latest regulations of HMRC to protect our clients from fines or enquiries.

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