Insurtech Limit launches generative AI for brokers

Document analysis is by far the most exciting part of our offering, says Limit.

Ever since ChatGPT was launched in late 2022, the insurance industry has been abuzz with questions about what generative artificial intelligence (gen AI) means for brokers and underwriters. 

One company is now trying to answer this: four-year-old insurtech Limit. 

Limit has launched Limit AI, branding it the first gen AI assistant exclusively for the property and casualty (P&C) sector. Limit AI’s recent launch shows off its ability to analyse long insurance documents—quotes and policies spanning hundreds of pages—and provide quick answers to a variety of insurance-related queries.

Limit chief executive officer John Loeber states that the inspiration for its gen AI product can be traced back to the summer of 2023, when the team recognised the potential of AI to assist with their own brokerage’s operations. 

After quietly developing the internal product for almost a year and seeing the degree to which the team benefited, it decided to release the solution to the public. 

“We were spending so much time handling questions about documents, and thought that there had to be a better way with gen AI,” Loeber explains.

“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.”

According to Loeber, Limit’s chatbot was trained on a large curated dataset of insurance materials, and can:

• Analyse, review, compare, and summarise insurance documents
• Answer general insurance inquiries
• Draft professional emails
• Provide compliance guidelines, such as surplus lines rules or licensing requirements
• Identify appropriate North American Industry Classification System and Standard Industrial Classification codes for policyholders

We asked Limit about how Limit AI differs from OpenAI’s popular ChatGPT. ChatGPT is being used by some insurance firms, although others have disallowed use of it due to concerns over accuracy.

“We recognise that the big fear and hurdle for corporate adoption is the possibility of what are known as hallucinations, and that causing some error or omission downstream,” Loeber explains.

“This gives us our opportunity: 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,” he adds. 

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 Limit AI, and the analysis of even hundreds of pages usually takes just a minute or two,” says Shea McNamara, Limit’s head of growth.

“Document analysis is by far the most exciting part of our offering. We’ve spent a year building this with a significant amount of resources invested specifically in enabling our AI to analyse, review, and compare insurance documents. 

“We’re confident customers are going to be thrilled once they give it a whirl,” McNamara adds. 

“Specifically focusing and building our AI on insurance expertise allows us to train our model to a much higher standard.”

A boost for brokers

There is no doubt that the gen AI field is rapidly evolving, but it is still in its early stages in insurance, where brokers and underwriters are exploring how to best leverage the technology in the workplace.

The Limit startup plans to compete with the bigger incumbents by doubling down on its specialist focus, arguing that providers such as Microsoft or OpenAI will always be predominantly occupied with generalist capabilities.

“Limit AI will have a huge impact on how brokers work day-to-day: by automating and optimising critical tasks such as document review, compliance, and email drafting, Limit AI will help insurance professionals focus on what they do best—providing exceptional service to their clients,” says McNamara.

“With Limit AI by their side, insurance professionals can embrace the future and experience the transformative impact it can have on their businesses,” he adds. 

What’s next? For the Limit team, it’s document generation: Loeber and McNamara revealed their plans to generate certificates of insurance and templated quote proposals. 

They believe gen AI will soon be everywhere in client-facing roles, especially for junior staff members who have to spend more time researching answers to questions. 

So often in insurance, speed is the name of the game, and tools such as Limit AI make a good pitch for giving brokers a boost. 

Overall, one thing is clear: insurance companies and professionals that can leverage gen AI will have a big advantage in the future.

To find out more visit www.limit.com/ai

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