Hobart broker Dylan Rodricks has launched a tool called InsurAI and is seeking to partner with insurers and intermediary networks.

The software uses artificial intelligence to make quoting, comparing policies and managing renewals easier.

Mr Rodricks says it aims to fill a “gap for simple, helpful technology that actually understands how brokers work day-to-day without the usual complexity of tech built by people outside the industry.

“Like most brokers, I found the software we used every day slow, clunky and hard to navigate – definitely not designed around how brokers actually work ... There’s huge room to make things faster, easier and less frustrating.”  

The InsurAI large language model was trained on policies, wordings, endorsements and exclusions to create an insurance-specific system more accurate than generic tools such as ChatGPT that “properly understands how brokers think and what they deal with”.  

A PolicyBot tool lets brokers chat with the system to quickly pull information from product disclosure statements.  

“Instead of digging through 100 pages to check a flood excess or business interruption inclusion, they can just ask, ‘What’s the flood excess on this policy? Does this cover include business interruption?’ and get the exact answer right away,” Mr Rodrick told insuranceNEWS.com.au.

A Quotex tool connects with a broker’s other software to manage quotes, renewals, endorsements and cancellations through a simple chat interface.

It prompts the broker on details such as policy limits, optional covers or typical risks based on occupation or industry. 

Quotex passes the information to the broking software and completes the process, with no clicking through multiple screens or forms. Client data remains secure, with nothing stored, shared or used outside the session.

“We’re looking to partner with insurers to make the model even sharper, and with broker networks like Steadfast, Resilium, Ausure, to help their members get the full benefit,” Mr Rodrick said.