At Oyster, our mission is to empower businesses to reduce risk and grow confidently. We understand that commercial insurance can be complex, and navigating policies can sometimes feel like trying to decode a foreign language.

To demystify commercial insurance, we’re excited to announce the launch of the Oyster AI Policy Explorer, a groundbreaking new feature designed to give you more control over your insurance coverage and help you manage your risk more effectively.

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Access Your Risk Expert – 24/7 with AI 

In the past, businesses often faced the daunting task of wading through lengthy insurance documents to find the information they needed. Even with a trusted risk advisor by your side, the process could be slow and cumbersome. With the Oyster Policy Explorer, we're changing that. This new feature puts essential policy details at your fingertips, providing you with a concise, easy-to-read summary of your coverage, exclusions, and more.

What does the Policy Explorer offer?

• Policy Summary: A clear, straightforward overview of your policy, including key details like coverage limits, deductibles, and expiration dates.
• Coverage & Exclusions: A breakdown of what your policy covers and, just as importantly, what it doesn’t – including references to the specific sections in the policy that mention them.
• AI Chat Feature: Have a specific question? The built-in AI chat feature allows you to interact directly with the policy, and our custom AI engine will extract relevant information to provide clear and accurate answers.

This is just the beginning. The Policy Explorer is not only a powerful tool for managing your insurance today, but it’s also a glimpse into how Oyster envisions the future of business insurance management.

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Behind the Technology: Generative AI & LLMs

The Policy Explorer is the first application of months of research and development on the application of cutting-edge Generative AI for commercial insurance. At its core, the feature uses Large Language Models (LLMs) and a custom-built policy model co-designed by Oyster’s team of insurance and engineering experts. 

Here’s how it works:

• The model is implemented as a multi-stage extraction pipeline that iteratively analyzes, understands, and structures your policy information.
• This information is stored in a vectorized index that is used to present an overview of your limits, coverages, and exclusions.
• The AI references this index to answer any questions, grounding its response in specific sections and verbiage from your policy.
• The AI is reinforced with anti-hallucination guardrails–ensuring that the information provided is highly accurate and reliable.

What was once a static, paper-based experience can now be accessed as a dynamic, digital interface. Instead of waiting for a response from an agent or sifting through pages of policy jargon, the Policy Explorer gives you instant, accurate information in seconds.

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A New Standard for Customer Experience

At Oyster, we believe that technology should work for you, not the other way around. The policy explorer is designed to simplify the insurance process, save you time, and eliminate confusion. With the ability to quickly find answers to your questions, businesses can make better-informed decisions according to their own timeline.

Get support whenever you need it

Understanding your coverage is essential to managing business risk. The policy explorer enables this by providing:

• Faster Access to Information: You can get a clear answer about your policy’s exclusions or coverages in just a few seconds, without needing to call, email, or wait for an agent. Businesses that use the policy explorer can significantly reduce time spent waiting on answers to coverage-related questions, allowing decision-makers to spend more time on strategic growth.

• Improved Accuracy: The AI-driven chat feature ensures that you get precise answers about your policy, with specific references to language in the policy that it draws from. This reduces misinterpretations and second-guessing about coverage details compared to reading the policy directly. Oyster offers free agent consultations if there are follow up questions that AI can’t answer.

• Better Risk Management: Understanding your policy helps you identify coverage gaps and potential risks, allowing you to make proactive adjustments to your insurance strategy. With the policy explorer, this is easier than ever before.

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Looking Ahead: More AI-Powered Features on the Horizon

The policy explorer is just the beginning. At Oyster, we’re focused on building the foundational technology that powers this tool as part of our broader vision for transforming the insurance experience. We’ve got an ambitious roadmap of more sophisticated, customer-facing tools in the near future, a sample of which includes:

• Automatic COI Generation with Additional Insureds: This month, we’re launching a product upgrade for customers to generate their own certificates more seamlessly. One of the key uses of our custom AI model will be to automatically generate COIs with additional insureds, which requires a deep understanding of your policy’s terms to be able to accurately determine whether your policy covers the certificate holder.
• AI-Assisted Customer Service: We’re working on providing a personalized digital service center, where you can submit any request from modifying the policy to asking a question or requesting a document. Oyster’s AI will instantly serve you when it can, and otherwise will immediately escalate your request to a dedicated agent.

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Join Us on the Journey

At Oyster, we’re always working to innovate and improve the way businesses manage their insurance needs. With the launch of the Oyster AI Policy Explorer, this is just one step in a larger journey toward smarter, more intuitive risk management tools that put your needs first.

If you’re already a customer, log into your Oyster dashboard today and start using the policy explorer today.