Estatesearch have successfully secured co-funding from Innovate UK, the UK’s innovation agency, to begin developing an Artificial Intelligence (AI) and Machine Learning tool to assist legal professionals in probate and estate administration.
Currently, the estate administration process relies heavily on detailed investigations of the deceased’s paperwork to understand their financial affairs. Identifying account providers, income, outgoings or gifting, through to determining potential tax exemptions, or even potential fraud and financial abuse the whole process can be time-consuming, complex and prone to human error.
Our successful proposal focuses on the benefits that AI and Machine Learning technology can deliver, by undertaking financial analysis of estate accounts. Helping legal professionals deliver a more comprehensive and efficient service, while saving them time to focus on the clients requirements.
Estatesearch Client Services Director, Ben Furlong says “Since launching in 2018, Estatesearch have championed a technology-led approach to developing solutions that assist professionals dealing with probate, estate administration and Court of Protection matters. This latest project, co-funded by Innovate UK, will help us accelerate our plans to realise the benefits of AI for legal professionals in the probate estate administration process.”
Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. Innovate UK, as part of UK Research and Innovation, is investing up to £191 million to fund single and collaborative research and development projects as part of the Sustainable Innovation Fund over the next two years. The aim of these competitions is to help all sectors of the UK rebuild after the effects of COVID-19.
Innovate UK Executive Chair Dr Ian Campbell said “In these difficult times we have seen the best of British business innovation. The pandemic is not just a health emergency but one that impacts society and the economy. Estatesearch, along with every initiative Innovate UK has supported through this fund, is an important step forward in driving sustainable economic development. Each one is also helping to realise the ambitions of hard-working people.”
Estatesearch are now inviting firms who are interested in the initial development and testing of this project, to join their working group. To register your interest please use the form below or email: [email protected]