This news from Germany is interesting for any insurance brand active in Contents cover. Depending on the results of the next GE, there could be tenant legislation which could lay the groundwork for various legal battles over tenant rights and evictions. So building legal expenses cover into Contents policies – or Landlord insurance – could be a smart move. Here’s the word;
INZMO, the leading Berlin insurtech building the financial ecosystem to serve the European rental industry, has today launched RentalBot, an AI-powered legal chatbot aimed at helping tenants and landlords in Germany’s strained rental market get easy access to tailored legal information and support.
With nearly half of Germany’s population living in rented accommodation, legal issues relating to tenancy are one of the most common areas requiring legal support in the country. Tenants and landlords frequently turn to professional legal counsel to navigate the wide range of issues related to housing and tenant protection laws and regulations, in order to effectively manage disputes and safeguard their rights.
Commenting on the launch, Reelika Ein, Chief Product and Experience Officer at INZMO, said: “Tenants and landlords are having to grapple with the complexities of the country’s intricate and stringent housing laws and are often forced to seek out professional legal advice which comes at a cost. INZMO has identified a clear need in the market to help both tenants and landlords get urgent, informed and affordable responses on common rental issues and disputes.”
Developed in partnership with legal technology company ChatLegal, the AI powered legal assistant, INZMO’s RentalBot has been extensively trained and tested on German rental laws and real-world court cases to ensure its information and guidance is relevant and robust.
RentalBot uses natural language processing and machine learning algorithms to understand user queries, analyse relevant legal information and provide clear guidance on rental laws and common disputes. It can assist users with issues such as: rental increases and pricing, evictions, deposit disputes, maintenance and repair issues, and lease terms and contractual obligations.
RentalBot breaks down complex legal terminology to provide practical, easy-to-understand information to tenants and landlords at any time, and from any device. The 24/7 service is currently available in English and German.
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.”
While RentalBot can provide valuable expert assistance and insights on common issues, it does not replace personalised advice from a human lawyer or legal representation for court proceedings. The chatbot is currently unable to generate document templates, but can advise on their structure and content.
RentalBot is available now via the INZMO website and is available to both tenants and landlords on a pay-per-consult basis, meaning users only pay when they need assistance. The service is available at an introductory rate of €4.99 for 24 hour access. From 19th June 2024, users will pay €9.99 for 24 hour access with a monthly subscription model planned for future release.
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