Observed Signal · Jun 24, 2024 · Partnership · Source: Tech.eu · Impact: 2/5 · Sentiment: Positive
Orbital Witness offers world-first AI reliance insurance
UK legaltech startup Orbital Witness has partnered with First Title Insurance to launch AI Reliance, the world's first insurance-backed accuracy guarantee for a legaltech AI product. The collaboration enables First Title to underwrite Orbital Witness's generative AI output, providing law firms with a safety net that aligns with professional indemnity insurance requirements. Orbital Witness's software, used in 60,000 property transactions annually by over 4,000 professionals, is already adopted by top real estate teams including Linklaters, Herbert Smith Freehills, and Clifford Chance, as well as global enterprises such as PwC, Zurich, E.ON, Marks & Spencer, and Tesla. This initiative sets a precedent for AI reliability in regulated industries and could influence regulatory standards for AI adoption across professional services.
This partnership introduces a novel model for underwriting AI reliability, which could have implications for AI adoption across regulated industries, but it is not directly related to advertising technology.
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Key Takeaways & Evidence Grounding
- Orbital Witness and First Title Insurance launched AI Reliance, the first insurance-backed accuracy guarantee for a legaltech AI product.
- First Title will underwrite Orbital Witness's generative AI output, with coverage matching the level of professional indemnity insurance law firms are required to carry.
- Orbital Witness's AI software is used in 60,000 property transactions annually by over 4,000 professionals.
- Clients include Linklaters, Herbert Smith Freehills, Clifford Chance, PwC, Zurich, E.ON, Marks & Spencer, and Tesla.
- Orbital Witness won 'Legal AI Supplier of the Year' at the Modern Law Awards in 2024.
Connected Companies & Entities
5 Entities mapped“...global enterprises that own, occupy, or advise on real estate, such as PwC, Zurich, E.ON, Marks & Spencer, and Tesla....”
“...global enterprises that own, occupy, or advise on real estate, such as PwC, Zurich, E.ON, Marks & Spencer, and Tesla....”
“...such as PwC, Zurich, E.ON, Marks & Spencer, and Tesla....”
“...such as PwC, Zurich, E.ON, Marks & Spencer, and Tesla....”
Ontology Mapping & Concepts
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