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This InsureTech Loves Policy Language

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Would you relish reading insurance contracts on a Sunday afternoon so you can properly counsel your client on what they should buy? Do we hear a “Hell, no?” That’s okay. Self-described insurance nerd and recovering insurance attorney Dan Schuleman will save you the trouble. He cofounded the insuretech Qumis as an assistive-AI platform to quickly analyze policies and pull relevant information for claims, brokering and compliance. The idea: Arm insurance professionals with more detailed information, particularly in a time of suffocating legal action. “The increase in litigation is crazy,” Dan says. “The lawyers throw anything at the wall and see what sticks.” AI is accelerating the pace of plaintiffs’ actions—but it also helps carriers fight back,” he notes. “Things are not great in insurance companies’ claims departments right now.” Qumis is a “human in the loop” system. “It’s like a self-driving car where you still have a hand on the wheel,” Dan says.