InsightsGen

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  InsightsGen

Inspiration The inspiration for InsightsGen arose from the complexity of understanding and applying tax laws, especially in regions like Africa, where navigating through regulations such as the Kenyan Income Tax Act can be confusing and time-consuming. Recognizing that many individuals and businesses struggle to interpret tax rules accurately, we wanted to create a solution that simplifies access to tax information. By leveraging AI, we sought to make tax laws more transparent and understandable, empowering users to make informed financial decisions.

What it does InsightsGen is an AI-powered tax analysis tool that retrieves, analyzes, and interprets legal and financial documents, including tax acts and company filings. Users can ask specific questions about tax regulations—such as how pension income is taxed—and InsightsGen provides clear, actionable answers. It simplifies complex tax concepts, helping individuals and businesses understand and comply with tax laws efficiently.

How we built it We built InsightsGen using state-of-the-art AI models like RAG (Retrieval-Augmented Generation) to extract relevant tax information from large datasets and legal documents. The project leverages the Hugging Face Transformers library for natural language processing, along with the FAISS library for efficient similarity search. The backend was developed using Python and integrated with financial datasets, including the Kenyan Income Tax Act, to deliver fast, accurate responses to user queries.

Challenges we ran into One of the major challenges was handling the sheer volume and complexity of tax-related data and ensuring that our AI model could accurately interpret nuanced tax questions. Additionally, integrating various data sources into a unified system while maintaining accuracy and minimizing latency was technically demanding. Ensuring compliance with legal standards and validating the extracted information against official tax rules also posed significant hurdles.

Accomplishments that we're proud of We’re proud of successfully building a system that can extract and simplify complex tax regulations for users in real time. One of the key achievements is the accuracy of the AI model in providing relevant answers, as well as the seamless integration of diverse tax datasets. We’ve created a tool that not only saves time but also empowers users to navigate tax laws with confidence, which is a critical accomplishment for our team.

What we learned Throughout the development process, we learned the importance of precision in natural language understanding, especially when dealing with legal and financial documents. We gained deep insights into how tax systems are structured and how AI can be leveraged to solve practical challenges. Additionally, we improved our ability to handle large-scale data integration and refined our skills in building retrieval-based AI systems.

What's next for InsightsGen The next step for InsightsGen is to expand its capabilities by incorporating more jurisdictions and tax laws, making it a global solution. We also plan to enhance the user interface for an even more intuitive experience and to introduce features like real-time updates on tax law changes. In addition, we’re looking to explore partnerships with financial institutions to offer personalized tax solutions directly to businesses and individuals.

Built With

• python
• workbench