Life for cyber insurance brokers could become much easier with AI
Artificial intelligence (AI) will soon change how insurance is carried out, said John Loeber, co-founder and CEO of Limit, to an audience in Chicago.
On the second day of Intelligent Insurer’s Cyber Risk & Insurance Innovation USA conference, Loeber gave advice on enhancing broking transactions with AI.
Loeber described the core challenges brokers faced in the past such as back-and-forth communication and labour-intensive processes, as well as the innovations that have helped, such as automated, instantaneous specialty quoting.
“We have four big tasks that are eating up all of our time,” observed Loeber.
“Documents to analyse, questions to answer, things to look up, and of course, documents of our own to write as everybody wants us to put together proposals, comparisons, or a skilled commentary of some sort.”
Analysing the gaps in current innovations—including the tedious, manual workload that brokers face, and exploring advances in AI such as large language models (LLMs) that alleviate day-to-day burdens—Loeber’s wish is to give brokers their time back and empower them with additional expertise.
“Insurance is all about texts and knowledge,” he said.
“LLMs are so good at handling these things, and they’re getting much better so quickly, that if you add those factors up, AI will soon change how insurance is carried out.
“I can certainly see AI impacting how insurance is transacted from a brokerage and customer service perspective, maybe even from a claims handling perspective.
“We can give the retail agent a single universal digital application that works for all of the carriers.” John Loeber, Limit
“There’s a tremendous opportunity for these tools to help lift, give a lot more productivity and restore time to insurance professionals,” he concluded.
Fast analysis
Loeber showed the audience a video demonstrating the capabilities of his company’s “fully-fledged standalone product; the first AI assistant for the P&C insurance industry”.
The Limit AI tool can leverage real-life brokerage and P&C insurance expertise to streamline brokers’ tasks through highly skilled document analysis, he said.
Loeber showed the audience how accurately and quickly his new product was able to analyse a 70-page document to search for business exclusions.
After just a few seconds, the AI tool highlighted clause 8, section F, which did indeed cite exclusions for big liability relating to third party claims.
“We built Limit as a digital wholesale broker that leverages carrier apps, and handles the transaction by an app,” explained Loeber.
“We can give the retail agent a single universal digital application that works for all of the carriers, submit that to the carriers by an application program interface and then get quotes back pretty much instantaneously.”
As well as potentially standardising policy language and analysing endorsements with real-time processing, the tool can be customised with a company’s own products or offerings, allowing it to be tailored to fit the needs of any organisation wishing to use it.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
