Limit, an InsurTech firm, has introduced the first generative AI exclusively designed for the Property & Casualty (P&C) sector.
The offering, known as LimitAI, is capable of analysing extensive insurance documents, quotes, and policies, and provides rapid answers to various insurance-related queries, accroding to InsurTech Insights.
Since the launch of ChatGPT in late 2022, the insurance industry has been exploring the potential of generative artificial intelligence (gen AI) for brokers and underwriters. CEO John Loeber noted that the inspiration for LimitAI came last summer when his team recognised AI’s potential to assist with their brokerage operations.
He explained, “We were spending so much time handling questions about documents and thought that there had to be a better way with gen AI. We gave ourselves lots of time to get it right internally and make sure that it reflects the expertise of our whole team, and that we could be very confident when putting it into the hands of the public.”
Developed internally over a year, the product is now available to the public.
LimitAI is designed to analyse, review, compare, and summarise insurance documents. It answers general insurance inquiries, drafts professional emails, provides compliance guidelines, and identifies appropriate North American Industry Classification System and Standard Industrial Classification codes for policyholders.
Additionally, the offering boasts a higher degree of accuracy compared to similar products like ChatGPT.
“Specifically focusing and building our AI on insurance expertise allows us to train our model to a much higher standard, drastically reduce the room for error, and prevent mistakes,” Loeber explained.
Shea McNamara, Head of Growth at Limit, highlighted the AI’s efficiency, stated, “The Limit team claims that its AI delivers detailed and accurate responses for all lines of P&C, particularly excelling in the analysis of extensive insurance documents. Thousands of conversations have already been handled by LimitAI, and the analysis of even hundreds of pages usually takes just a minute or two. Document analysis is by far the most exciting part of our offering.”
Looking ahead, Limit plans to continue developing their product, particularly in the areas of document generation and the production of certificates of insurance and templated quote proposals. The company expects generative AI to be widely adopted, even in client-facing roles, freeing up junior staff members from time-consuming research tasks.
Loeber concluded, “With LimitAI by their side, insurance professionals can embrace the future and experience the transformative impact it can have on their businesses.”
