Acuity: Transforming insurance management and understanding for consumers

在金融服务中，保险业的消费者信任度最低，30%的消费者表示不信任(FCA，2020)。不信任主要是由误导性条款和条件(53%)和不明确的内容(34%；FCA，2020)驱动的。事实上，英国的一项研究发现，消费者必须接受至少A级的教育，但在大多数情况下，必须是毕业生甚至研究生水平，才能有意义地理解他们的保险单(BrowneJacobson，2018)。因此，当选择汽车保险或家庭保险时，大多数消费者(76%以上)选择基于价格而不是功能的保单(FCA，2020)。政策之间的特征差异很难识别和评估，但对于确保正确的覆盖范围至关重要。例如，如果用户错过了回家的航班，他们的旅行保险是否涵盖下一次航班之前的住宿？消费者忘记保单续签日期甚至保险公司也是司空见惯的事情。RNWL于2019年在剑桥成立，其使命是让消费者更容易管理他们的保单，以最好的价格找到可能的最佳保险，并避免每年花费数小时重新谈判和续签。从汽车保险开始，我们构建了一款消费者应用程序(可在苹果和Android上下载)。我们的应用程序跟踪用户的车险、MOT、税收和故障保险的续签日期，并记录重要的保单详细信息，如提供商、保单编号和联系方式，如果发生事故，可能迫切需要这些信息。在续保方面，我们在购买新保单的最佳时间为用户提供报价。在Innovate UK的支持下，我们开发了一个分析引擎，该引擎使用自然语言处理(NLP)和机器学习(ML)算法来提取大规模的关键保单特征，使用这些数据来帮助消费者管理他们的车险保单。在这里，我们将扩展我们的尖端NLP和ML算法，以提高用户的可读性和理解性。我们的技术将有效地将所需的保险单阅读年龄从研究生水平降低到12-13岁，即从科学期刊水平降低到BBC网站水平(BrowneJacobson，2018)。通过开发一种大规模适用于消费者的解决方案，涵盖来自多家保险提供商的非标准化保单，我们将颠覆保险业，确保英国消费者获得最大价值和安心。

The insurance sector has the lowest levels of consumer trust among financial services, with 30% of consumers reporting mistrust (FCA, 2020). Mistrust is driven primarily by misleading terms and conditions (53%) and unclear content (34%; FCA, 2020). Indeed, a UK study found that consumers must be educated to at least A-level, but in the majority of cases graduate or even postgraduate level, in order to meaningfully understand their insurance policies (BrowneJacobson, 2018). Consequently, when choosing either motor or home insurance, most consumers (76%+) select a policy based on price rather than features (FCA, 2020). Feature differences between policies are difficult to identify and assess, yet vital to ensuring the right cover is in place. For example, if a user misses a flight home, does their travel insurance cover accommodation until the next flight? It is also commonplace for consumers to forget their policy renewal date and even their insurance provider.Founded in Cambridge in 2019, Rnwl's mission is to make it easier for consumers to manage their insurance policies, find the best possible coverage for the best price, and avoid spending hours renegotiating and renewing every year. Starting with motor insurance, we have built a consumer app (available to download on Apple and Android). Our app keeps track of the renewal dates of a user's car insurance, MOT, tax, and breakdown cover, as well as recording vital policy details such as provider, policy number, and contact details, which could be needed urgently in the event of an accident. When it comes to insurance renewal, we provide the user with quotes at the optimum time to purchase a new policy.With support from Innovate UK, we have developed an analytical engine that uses natural language processing (NLP) and machine learning (ML) algorithms to extract key policy features at scale, using this data to help consumers manage their motor insurance policies. Here, we will extend our cutting-edge NLP and ML algorithms to improve user readability and comprehension. Our technology will effectively reduce the required insurance policy reading age from up to postgraduate level to that of a 12-13 year old i.e. from the level of a scientific journal to the level of the BBC website (BrowneJacobson, 2018). By developing a solution that works for consumers at scale, spanning unstandardised insurance policies from multiple insurance providers, we will disrupt the insurance industry, and ensure maximum value and peace of mind for UK consumers.