ALPS launches ChatGPT app for lawyers professional liability premium estimates

ALPS  launched a ChatGPT app that allows attorneys to estimate professional liability insurance premiums.

The app, ALPS Insurance – Calculate lawyers’ premiums, provides a non-binding range of lawyers professional liability insurance premiums based on a handful of inputs, including the attorney’s state, practice area, and attorney count.

According to the app description, the tool is designed to support early planning and coverage discussions without collecting personal information or requiring users to complete a formal application.

As a side note, ALPS has been pushing through sizable cyber insurance rate increases for law firms, citing worsening claims experience and the growing complexity of cyber risks. After seeking a 49.2% increase in Montana affecting 452 policyholders, the insurer filed for additional increases of 58.5% in Hawaii and 27% in North Carolina. ALPS said its cyber rating manual had not been updated since 2021 and that its longstanding practice of charging a uniform premium per attorney no longer adequately reflected the higher exposures faced by larger firms. Under the revised methodology, pricing shifts toward a firm-size-based approach, with larger practices paying higher per-attorney premiums to better align rates with underlying risk.