Orbital Witness Market Insights: GenAI Insurance and Legal Tech Growth

Legal Tech Company Orbital Witness Offers Insurance Policy on AI Outputs

In a groundbreaking move, legal tech and proptech company Orbital Witness is set to provide an insurance policy on the accuracy of its generative AI outputs. The insurance will be offered in conjunction with its residential property product, which leverages genAI to assist lawyers in Real Estate transactions. This innovative approach aims to provide clients with an extra level of security by guaranteeing them coverage in case of any errors in the AI solution, ultimately enhancing trust and confidence in the technology.

Orbital Witness's genAI insurance is a strategic initiative that could potentially be extended to other products, including those for high-value commercial property transactions. The company is also planning to expand its operations to the US and Australia, indicating a significant growth trajectory in the legal tech sector. The move comes at a crucial time when there is a growing emphasis on the performance of genAI in the legal industry, highlighting the importance of ensuring accuracy and reliability in AI-driven solutions.

The partnership between Orbital Witness and First Title Insurance, a leading insurer, underscores the commitment to promoting the adoption of AI technology in legal processes while addressing concerns about safety, reliability, and compliance. By offering an insurance policy on its AI outputs, Orbital Witness aims to establish itself as a trusted provider in the legal sector, setting a new standard for other legal tech companies to follow suit. The introduction of this insurance policy not only mitigates risks for law firms but also enhances efficiency and profitability by providing a safety net for potential errors.

The collaboration between Orbital Witness and First Title Insurance signifies a significant milestone in the professional services industry, signaling a new era of assurance and reliability in AI-powered solutions. The innovative approach to integrating insurance with AI products reflects a proactive stance towards compliance and risk management, ensuring that clients can leverage cutting-edge technology with confidence. As more law firms embrace AI tools to streamline their operations and reduce costs, the availability of insurance coverage for AI outputs will play a crucial role in facilitating the adoption of advanced technologies in the legal sector.

In conclusion, Orbital Witness's introduction of genAI insurance marks a pivotal moment in the legal tech landscape, heralding a new era of accountability and trust in AI-driven solutions. The collaboration with First Title Insurance underscores a shared commitment to promoting innovation, efficiency, and compliance in the legal industry, paving the way for a future where AI becomes an integral part of legal processes. As the legal sector continues to evolve, the integration of insurance policies with AI outputs is poised to become a standard practice, shaping the future of legal technology and enhancing the overall client experience.