104872SmartPolicyClosedCollaborative R&DISCF"In the insurance industry, changing social/environmental pressures often result in the need to protect against new risk (i.e. one that has not previously been included in any market policy). A large insurance firm may draft new clauses to fit into existing standard policies to cover these new risks. However, as these additions (endorsements) are amendments to an existing body of clauses, they can often result in inconsistencies propagating throughout policy documents. Ultimately, inconsistencies result in ambiguity, inefficiency and increase the number of legal disputes regarding whether coverage has been triggered. This creates additional cost, which is passed onto the consumer. This project, a collaboration between Kennedys Law and Leap Beyond, will produce a new tool for the insurance sector to enable insurers to draft consistent new policies and/or additional clauses to existing policies without the reliance on lawyers. We will develop ML algorithms and NLP techniques that ensure policies are created to consistent standards and that evaluate policy documents and aid clients in understanding the possible ramifications of proposed amendments- reducing the need for traditional legal review. The savings we create for insurers will be passed on to UK policyholders, who are subject to some of the highest insurance premiums in the global insurance market. Developing this cross-sector tool will enable a greater transparency, increase the competitiveness of the UK insurance market via next-generation service delivered by a leading legal provider tailored to the insurance industry."