System for analysis of the insurance policy

A system (100) for providing analysis of the insurance policy, the system (100) comprises:

• and at least one portable computing device (102), the at least one portable computing device (102) having
• an image capturing device (104), the image capturing device (104) captures image from an insurance policy document,
• a portable computing device memory (106), the portable computing device memory (106) stores an insurance policy document, computer-readable instructions and image captured from insurance policy document, and
• a device processing unit (108), the device processing unit (108) is connected to the portable computing device memory (106) and executes computer-readable instructions to capture image from an insurance policy document by using an image capturing device (104);
• and
• an at least one cloud server computer (110), the at least one cloud server computer (110) is connected to the at least one portable computing device (102), the at least one cloud server computer (110) having
• a cloud database (112), the cloud database (112) stores all the insurance policy document, image captured from insurance policy document and machine learning model, and
• a cloud server processor (114), the cloud server processor (114) executes computer-readable instructions to receive the captured image of the insurance policy document from the at least one portable computing device (102);
• characterized in that, the cloud server processor (114) executes computer-readable instructions that uses machine learning model for extracting the details of the insurance policy from the insurance policy document and generate a summary of the important features of the insurance policy as well as identify anomaly in the insurance policy, then the cloud server processor (114) sends a summary of the important features of the insurance policy and anomaly in the policy to at least one portable computing device (102) of policy holder that helps him to take informed financial decision.