- UK-based Orbital Witness partners with First Title Insurance to offer “AI Reliance” insurance.
- First of its kind globally, the insurance guarantees accuracy of Orbital Witness’s AI-driven legaltech solutions.
- Orbital Witness’s AI software accelerates legal due diligence and reduces human error in property transactions.
- Over 60,000 transactions annually benefit from Orbital Witness’s technology.
- First Title will underwrite Orbital Witness’s AI outputs, providing coverage for errors.
- Initial focus on law firm customers using Orbital Residential, exempting them from professional indemnity claims.
- This initiative sets a precedent for AI products backed by insurance, enhancing reliability and regulatory compliance.
Main AI News:
UK legaltech startup Orbital Witness introduces groundbreaking “AI Reliance” insurance in collaboration with First Title Insurance, a subsidiary of First American Financial Corporation. This pioneering partnership marks a global first, offering an insurance-backed guarantee for the accuracy of Orbital Witness’s AI-driven legaltech solutions.
Founded in 2018, Orbital Witness specializes in AI-powered software designed to streamline legal due diligence and client reporting processes across a wide spectrum of property transactions. Their technology, utilized in over 60,000 transactions annually by more than 4,000 professionals, significantly mitigates the risks associated with human error in real estate dealings.
Under this new initiative, First Title will underwrite Orbital Witness’s Generative AI outputs, ensuring that in the event of errors leading to compensation claims, the insurance policy will provide coverage. Initially targeting law firm customers using Orbital Residential, this move eliminates the need for these firms to rely solely on professional indemnity insurance.
The strategic collaboration underscores Orbital Witness’s commitment to enhancing operational efficiencies within the legal sector, leveraging AI to handle repetitive tasks effectively and reduce costs. This development not only meets regulatory standards but also sets a precedent for AI technologies backed by insurance, demonstrating their reliability and compliance.
Kevin Dick, CEO of First Title, emphasizes the transformative potential of this insurance policy in fostering confidence among law firms and conveyancing businesses regarding the safety and reliability of AI technologies. This pioneering effort positions Orbital Witness as a leader in integrating insurance into AI products, setting a new industry standard.
Orbital Witness, authorized by the Financial Conduct Authority to distribute insurance on behalf of First Title, anticipates that this approach will become integral to how businesses deploy AI technologies responsibly and accountably. Recognized with accolades such as the ‘Legal AI Supplier of the Year’ and ‘Conveyancing Collaborators of the Year’, Orbital Witness continues to drive innovation at the intersection of AI and legal technology in 2024.
Conclusion:
The collaboration between Orbital Witness and First Title to introduce “AI Reliance” insurance marks a significant advancement in the legaltech sector. By guaranteeing the accuracy of AI-driven solutions in property transactions, this initiative not only mitigates risks associated with human error but also establishes a new standard for ensuring the reliability and regulatory compliance of AI technologies in professional services.
