Insurtech INZMO has launched RentalBot, an AI-powered chatbot designed to assist tenants and landlords with legal inquiries related to rental issues.
INZMO (Insurance Made Simple) is a German insurtech company that focuses on providing innovative insurance solutions through digital platforms.
Founded in 2015, INZMO leverages technology to streamline the insurance process, offering a range of products including rental insurance, bicycle insurance, and electronics insurance, among others.
RentalBot employs natural language processing (NLP) and machine learning (ML) to provide precise and customized legal information regarding German rental laws and court cases.
RentalBot tackles common rental issues, including rent increases, evictions, deposit disputes, maintenance, and lease terms.
Using advanced algorithms, it analyzes user queries and delivers clear, practical advice, simplifying complex legal terminology. The chatbot is available in both English and German around the clock.
Developed in partnership with the legal tech firm ChatLegal, RentalBot offers an affordable alternative to professional legal counsel.
Initially, users can access RentalBot for €4.99 for a 24-hour period, with the price increasing to €9.99 starting June 19, 2024. A subscription model is planned for future release.
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
Reelika Ein, Chief Product and Experience Officer at INZMO
INZMO has identified a clear market need for urgent, informed, and affordable responses to common rental issues and disputes.
Despite its capabilities, RentalBot is not a substitute for personalised legal advice or representation in court and currently does not generate document templates.
The document offers guidance on structuring and composing similar texts. RentalBot’s introduction is timely, addressing the economic challenges and rising rental costs in Germany, which heighten the need for legal assistance.
Chatbots have been increasingly integrated across various sectors due to their capacity for continuous customer support, handling multiple inquiries simultaneously, and providing personalized responses based on user data.
Grand View Research reported that the global chatbot market was valued at $2.6 bn, with an anticipated compound annual growth rate (CAGR) of 23.3% from 2023 to 2030.
The current economic environment, with rising interest rates and increased costs, is putting a strain on the rental market and insurtech expect a continued rise in the need for legal support.
“Partnering with ChatLegal to develop an AI-powered chatbot focused on German rental laws and common legal issues enables us to provide users with quick, affordable access to essential information and guidance around the clock, helping to address concerns before they escalate and necessitate more extensive legal intervention”, Reelika Ein says.
INZMO aims to simplify the traditionally complex and time-consuming insurance procedures, making it easier for customers to obtain coverage quickly and efficiently.
The company’s platform allows users to purchase insurance policies online, manage their claims, and access customer support, all through a user-friendly interface.
By integrating advanced technologies such as AI and machine learning, INZMO enhances its underwriting processes, improves risk assessment, and delivers personalized insurance products. The company emphasizes transparency, customer-centric services, and flexibility, catering to the modern consumer’s needs.
INZMO’s innovative approach has earned it recognition in the insurtech industry, positioning it as a key player in the digital transformation of insurance services in Germany and beyond.
