Experts predict that third-party AI tools will increase workforce productivity by as much as 40% and add $14 trillion to the global economy by 2035. Despite the benefits of this rapidly evolving technology, it is estimated that third-party AI tools are responsible for over 55% of AI-related failures in organizations.
With that, One80 is pleased to offer AI Product Warranty Coverage, protecting enterprises and third-party AI vendors against losses related to unreliable AI models.
In partnership with Armilla AI, the first of its kind coverage verifies open source and proprietary AI models. This allows companies to deploy AI solutions safely and provides enterprises with confidence in the technology procured from third-party AI vendors.
Artificial Intelligence Overview
Relevant Documents
Third-party AI vendors
Enterprises which are actively leveraging AI including the following industries:
- Healthcare companies
- Retail industry
- Supply chain exposures
- Education sector
- Media and entertainment
- Travel industry
- Legal practices
The highlighted features of this exclusive program include:
- Underwritten by Armilla and backed by top reinsurers
- Data verification process assesses data quality, qualitative and quantitative criteria, key performance indicators, process flows and overall performance.
- AI models assessed based on requirements set out in legislations such as EU AI Act, and other US federal and state regulations.
The available coverages we have to offer for this program are:
- Third party guarantee by Armilla
- Guarantees performance, fairness and robustness of vendor’s AI powered products
- Protects enterprises if performance metrics are not met once model is in operation
- Reduces uncertainty related to an investment related to an AI model
- Demonstrates proactive risk management
How our AI Warranty Coverage is revolutionizing AI risk management
In this interview, One80’s Private Equity and Transactional Liability Practice Leader, Jonathan Legge and Karthik Ramakrishnan, Co-Founder and CEO of Armilla AI, discuss the current AI industry panorama and how our AI Warranty Coverage can benefit and help solve these new challenges.
