In partnership with Armilla AI, the first of its kind warranty product protects enterprises and third-party AI vendors against losses related to unreliable AI models.
BOSTON, MA – May. 21, 2024 – One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced the launch of artificial intelligence (AI) warranty coverage.
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. In response, One80 now offers an AI Product Warranty coverage, protecting enterprises and third-party AI vendors against the loss of revenue or expense related to unreliable AI models.
In partnership with Armilla AI, the coverage verifies open source and proprietary AI models, providing enterprises with confidence in the technology procured from third-party AI vendors.
“Innovation is core to One80’s culture,” said Matthew F. Power, President, One80 Intermediaries. “We consistently demonstrate our ability to pioneer insurance solutions – and take pride in our history of being the first movers in the market with new insurance products such as One80’s AI Product Warranty Coverage,” he continued.
“We are thrilled to partner with our brokers and clients in assessing and mitigating AI-related risks and believe that this solution will revolutionize AI risk management,” said Jonathan Legge, Senior Managing Director, One80 Intermediaries.
“Insurance will play a significant role in addressing AI risk, and Armilla is at the forefront of developing warranty and insurance products that will allow companies to deploy AI solutions safely,” said Karthik Ramakrishnan, CEO and Co-Founder, Armilla AI. “We are confident that partnering with One80 will enable us to continue to deliver market leading AI insurance solutions at scale,” he continued.
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Media Contact:
Lenika P. Milne
(786) 865-4614
About One80 Intermediaries
One80 Intermediaries is a privately held leading insurance wholesaler and program manager with offices in more than 55 locations throughout the United States and Canada. The company offers placement services and binding authority for property and casualty, financial lines, benefits, life, travel/accident and health, affinity and administrative services, warranty business and specialty coverage. One80 serves commercial companies, non-profits, public entities, individuals and associations and unions, and has access to insurance markets in the United States, Canada, Europe and Asia. For more information visit: www.one80.com