Insurtech INZMO Unveils AI Legal Chatbot for Rental Issues
INZMO, a Berlin-based insurtech firm, has introduced RentalBot, an AI-powered chatbot designed to assist tenants and landlords with legal inquiries related to rental issues. Leveraging natural language processing (NLP) and machine learning (ML), RentalBot provides accurate and tailored legal information based on German rental laws and court cases.
Features and Capabilities
RentalBot addresses common rental issues such as rent increases, evictions, deposit disputes, maintenance, and lease terms. Utilizing advanced algorithms, it analyzes user queries and offers clear, practical guidance, making complex legal terms easy to understand. The chatbot is available, in English and German, 24/7.
Development and Pricing
Developed in collaboration with legal tech firm ChatLegal, RentalBot aims to offer an affordable alternative to professional legal counsel. Initially, users can access RentalBot for €4.99 for a 24-hour period, with the price set to increase to €9.99 starting June 19, 2024. A subscription model is planned for future release.
Market Need and Timing
Reelika Ein, Chief Product and Experience Officer at INZMO, comments: “Tenants and landlords are grappling with the complexities of Germany’s intricate and stringent housing laws and often need professional legal advice, which comes at a cost. INZMO has identified a clear market need for urgent, informed, and affordable responses to common rental issues and disputes.”
Limitations and Industry Context
Despite its capabilities, RentalBot is not a substitute for personalised legal advice or representation in court and currently does not generate document templates. Instead, it provides guidance on the structure and content of such documents. The introduction of RentalBot comes at a crucial time, given the economic pressures and rising costs impacting Germany's rental market, increasing the demand for legal support.
The integration of chatbots across various sectors has been fueled by their ability to provide 24/7 customer support, handle multiple queries simultaneously, and deliver personalized responses based on user data. According to a report by Grand View Research, the global chatbot market size was valued at US$2.6 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 23.3% from 2023 to 2030.
Reelika Ein adds: "The current economic environment, with rising interest rates and increased costs, is putting a strain on the rental market and we expect a continued rise in the need for legal support. By working with ChatLegal to train an AI-powered chatbot specifically on German rental laws and common legal issues, we can offer users a simple, fast and affordable way to access the information and guidance they need, 24/7, before issues potentially escalate and require more comprehensive legal support."
**************
Make sure you check out the latest industry news and insights at InsurTech Digital and also sign up to our global conference series - FinTech LIVE 2024
**************
InsurTech Digital is a BizClik brand
**************
