Oyster has released an innovative suite of digital products aimed at revolutionising the property and casualty (P&C) insurance experience for small and medium-sized businesses (SMBs).
Leveraging cutting-edge AI and large language models (LLMs), this suite aims to empower business owners to manage their insurance needs more effectively and take control over their risk management.
This launch is a strategic response by Oyster to address the growing demand among SMBs for more efficient, digital-first solutions in P&C insurance.
The new product suite is designed to simplify and streamline the traditionally complex processes of quoting, policy review, and certification management, making these essential aspects of business insurance more accessible and manageable for non-specialists.
Oyster is recognised in the insurance technology space for its carrier-agnostic platform, which helps businesses across industries obtain and manage P&C coverage.
By uniting multiple online and offline insurance carriers within its network, Oyster enables businesses to easily navigate a range of insurance options, review policy details, and manage certifications—all from a single, user-friendly interface.
The newly launched suite offers a selection of tailored tools built to address key pain points for SMBs in insurance management.
The flagship tool, Policy Explorer, provides an interactive dashboard where customers can quickly view policy summaries, coverage details, and exclusions, simplifying the often-complex process of policy review.
Another essential feature, COI Management, allows businesses to create, manage, and share certificates of insurance (COIs) with external vendors, enhancing operational efficiency.
The Self-Serve Flow feature enables companies to obtain insurance quotes for essential coverages, such as General Liability, Business Owners Policy (BOP), and Workers’ Compensation, across Oyster’s extensive network of carriers.
This capability ensures SMBs can compare multiple options without having to navigate multiple platforms.
These advancements underscore Oyster’s commitment to leveraging artificial intelligence and machine learning to elevate the insurance experience for businesses.
The platform’s AI-driven capabilities, strengthened by recent LLM advancements, provide enhanced accuracy and faster response times, giving business owners more insights and control over their insurance coverage and risk management.
Oyster co-founder and CEO Vic Yeh highlighted the transformative potential of AI in this industry, saying, “With the rapid improvements in LLMs, we’re excited to integrate AI into our digital platform to help modern businesses more proactively manage insurance and risk. We’re starting to see the impact of emerging technologies and believe these innovations will create a positive impact in our industry.”
Oyster plans to continue harnessing AI to advance the commercial P&C insurance sector, aiming to further streamline the insurance journey for SMBs and help them navigate risk in an increasingly complex landscape.
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