A growing number of law firms are now embracing and relying on AI and that will eventually help reduce the cost of property transactions, it has been claimed.
Orbital Witness says that its due diligence AI tools are now used by 4,000 UK real estate lawyers and property professionals,
The UK property AI business has just just launched a new insurance policy against its own AI output to encourage more firms to sign up to its products.
Ed Boulle, co-founder of Orbital Witness, said: “When adopting any new technology, law firms must be able to satisfy the regulator (and their own insurers) that new technology is safe to use and won’t create additional risks to their clients.
“The challenge facing more firms, however, is that they simply don’t have the necessary expertise in-house to deeply evaluate and continuously monitor Generative AI products. Insurance isn’t just about downside protection, it can also help with the burden of compliance.”
The London-based company has partnered with First Title Insurance, the UK arm of NYSE-listed First American, a global real estate insurer, to launch an insurance product in response to how law firms are adapting to the expectation of clients to use AI in many of their processes.
Kevin Dick, CEO at First Title, is among those that believes AI will help speed up property transactions, as well as costs.
He commented: “AI is increasingly being applied to speed up and reduce the cost of real estate transactions. Law firms and conveyancing businesses need greater confidence that the AI technology they adopt is safe to use, can be relied upon and is compliant.”
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