Since the launch of ChatGPT in late 2022, the insurance industry has been exploring the implications 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. The product was developed internally over a year and is now available to the public.
Loeber stated, “We were spending so much time handling questions about documents and thought that there had to be a better way with gen AI.” He added, “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.”
LimitAI’s features include:
- Analysing, reviewing, comparing, and summarising insurance documents.
- Answering general insurance inquiries.
- Drafting professional emails.
- Providing compliance guidelines, such as surplus lines rules or licensing requirements.
- Identifying appropriate North American Industry Classification System and Standard Industrial Classification codes for policyholders.
According to Loeber, LimitAI boasts a higher degree of accuracy compared to similar products like ChatGPT. He emphasised that the fear of AI hallucinations—errors or omissions caused by the AI—was a significant hurdle for corporate adoption. “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 said.
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. Shea McNamara, Head of Growth at Limit, highlighted the AI’s efficiency: “Thousands of conversations have already been handled by LimitAI, and the analysis of even hundreds of pages usually takes just a minute or two.” She added, “Document analysis is by far the most exciting part of our offering.”
As generative AI continues to evolve within the insurance industry, brokers and underwriters are exploring optimal ways to integrate these technologies. Limit aims to compete with Microsoft and OpenAI by specifically tailoring their product to the insurance sector, rather than offering a generalized model. McNamara noted, “LimitAI 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, LimitAI will help insurance professionals focus on what they do best—providing exceptional service to their clients.”
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.”
