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InsurStaq.ai, a startup focused on developing generative AI applications for the insurance industry, was founded by Mayan Kansal in 2022. The company successfully launched a large language model designed specifically for the insurance industry, InsurGPT, and received investment from Faad Network. However, after a year of operation, Mayan announced that he had to shut down the company. InsurStaq.ai excelled in the insurance sector, achieving enterprise-level compliance.

Insurance experts indicate that generative artificial intelligence will continue to be an unknown risk in the global insurance sector in 2024. Research from Beazley shows that 27% of global business executives believe cybersecurity will be a key risk in 2024. The cyber insurance market is expected to triple in size over the next three to four years, necessitating innovative cyber insurance solutions to meet the growing demand.