Oyster Unveils New AI-Powered Products for Business Insurance

NEW YORK, Nov. 12, 2024 /PRNewswire/ -- Oyster, a leading insurance platform for commerce, has unveiled a suite of new digital products designed to modernize the P&C insurance experience for small and medium-sized businesses.

Building on its carrier-agnostic platform, Oyster introduces a comprehensive suite of software products to streamline the business insurance process—from quoting across online and offline P&C markets to interpreting policy details and managing certificates of insurance. Powered by advanced AI and large language models (LLMs), Oyster's new tools aim to empower businesses to take more control over their insurance coverage and help them manage risk more effectively.

The announcement includes several significant product releases:

• Policy Explorer: An interactive feature allows customers to easily review policy summaries, coverages, and exclusions, supported by a custom-built policy model.
• COI Management: A feature that enables customers to automatically generate, manage, and share certificates of insurance with vendors.
• Self-Serve Flow: A digital process that lets businesses obtain quotes for multiple coverages, including General Liability, Business Owners, and Workers' Compensation, across both online and offline carriers in the Oyster network.

"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," said Vic Yeh, Co-Founder and CEO of Oyster. "We're starting to see the impact of emerging technologies and believe these innovations will create a positive impact in our industry."

As AI continues to become more capable, Oyster aims to utilize innovative technologies to transform the business insurance experience in the commercial P&C insurance market.

About Oyster
Oyster is an AI-powered insurance platform for commerce. By combining business insurance with risk and compliance management software, Oyster's all-in-one solution helps modern businesses reduce risks and grow confidently. Oyster is backed by leading investors including New Stack Ventures, Global Founders Capital, Conversion Capital, and Cambrian Ventures.

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SOURCE Oyster Technologies