Insurance, pensions and investment firm Scottish Widows is trialling new AI software that aims to improve marketing compliance and transparency for its customers.

Through a partnership with UK financial promotions platform Adclear, the firm has launched a six-month pilot project that will test how AI software can help its marketing teams focus on delivering high-impact campaigns at scale, increasing its advertising output.

The technology aims to help marketers ensure content is compliant with all relevant FCA regulations, whilst also providing an in-depth audit trail for compliance teams.

Scottish Widows, which is part of Lloyds Banking Group, said it will use the software to help its marketing team maintain standards for compliance across written, image-led and video marketing content.

The AI integration will analyse content, assess it against relevant regulations, and flag any potential compliance issues teams need to address.

Scottish Widows said the AI software decreases review time by 88 per cent, with its integration aiming to speed up the traditionally lengthy review compliance process.

The insurance firm added the other units at Lloyds Banking Group are also following the outcomes of the initial pilot.

Other firms currently using the software include Plum, Yonder and Trade Nation.

Maria Herrero-Bullich, chief customer and digital officer at Scottish Widows, emphasised how the new AI technology aims to help provide clear and relevant communications to customers.

“Our customers can increasingly manage their pensions and other financial products through our app and other digital services, so now more than ever it’s crucial that we communicate with them in a way which is transparent and timely,” she added.

Earlier this week, the insurance company joined NatWest, Monzo, Santander, Gain Credit, Snorkl and Homeprotect, as part of the first group to participate in the Financial Conduct Authority's (FCA) AI Live Testing initiative.

The “first of its kind” scheme gives firms access to tailored support from the UK watchdog’s regulatory team, as well as its technical partner Advai, to build, evaluate and roll out "safe and responsible" AI applications.

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