PriyaPatel
TLDR:
Orbital Witness is offering an insurance policy on the accuracy of its generative AI outputs, with First Title as the insurer. This is the first time a legal tech company has offered customers this type of insurance coverage. The genAI insurance will be offered in conjunction with its residential property product, and depending on its success, may be extended to other products and regions. The move is timely given the growing focus on genAI performance in the legal sector.
In a conversation with co-founder Edmond Boulle, he explained that everything they do is fully auditable, and any mistakes by their product can be proven. The insurance policy will be relatively inexpensive and an additional cost of using Orbital Witness’s software. This move is seen as a smart marketing strategy, showing confidence in the product’s accuracy.
Other insurance companies in the property sector are also being considered for partnerships. The insurance of genAI outputs provides a higher level of risk reduction for businesses in residential property work. This insurance becomes a kind of ‘kite mark’ for the use of genAI in the legal world, providing reassurance and safeguards for lawyers.
Boulle stated that while they are the first to offer this in the legal sector, they anticipate more companies following suit. The field of legal genAI has taken a step forward with this move, creating a benchmark for other AI providers to aspire to.
