10094941Bespoke insurance underwriting using AI chatClosedCollaborative R&DInnovate UKTapoly, the award winning on-demand insurance provider for freelancers, has partnered with the University of St Andrews for an exciting 18-month project. This project aims to revolutionise on-demand insurance, ensuring that customers get the coverage they need exactly when they need it. We're using advanced AI chatbot technology to focus on serving the unique insurance needs of the UK's 4.24 million freelancers (as per Statista, July 2023). Shockingly, two-thirds of UK freelancers currently lack any form of insurance to protect them from job-related risks. This insurance gap is due to the complexities of assessing these risks and the commercial challenges that discourage insurers from offering on-demand insurances to this market. The global freelance sector is huge, with an estimated 1.6 billion freelancers globally and a value of £1.23 trillion ($1.5 trillion), and it's growing at a rate of 15% (according to Demandsage in July 2023). Our mission is to bridge this insurance gap!" Our goal is to increase on-demand insurance availability, thus raising the percentage of individuals and businesses being insured. We achieve this by employing an AI chatbot with advanced machine learning capabilities to tailor insurance solutions to each business's unique requirements and risk profile. This eliminates human biases, empowering freelancers to handle risks, protect assets, and create job opportunities in the tech and data science sectors. Our aim is to promote fairness and accessibility in insurance for freelancers while generating additional employment opportunities. Janthana Kaenprakhamroy, Tapoly's CEO and an industry innovator, is leading this project. She received the "Innovator of the Year" award at the UK Fintech Awards in 2023\. Our team includes experts from technology and insurance, as well as academic specialists from the University of St Andrews, a leader in AI and Data Science. With a well-planned roadmap and partnerships with industry leaders like Clements, we aim to turn our discoveries into real-world solutions.