New insurance covers companies deploying AI systems

Armilla AI is a company specializing in the management of artificial intelligence (AI) risks. And to confirm its role and action, it offers insurance and warranty solutions to help companies deploy AI systems. Its latest initiative is the launch of a new third party liability insurance policy specifically designed to cover the risks associated with AI systems failures.

FACTS

• Armilla AI's new offer was developed in partnership with Chaucer, a specialist insurer operating in the Lloyds of London market. It operates as a marketplace where various insurers come together to take on complex risks.

• This is precisely the case with new AI-related risks, for which Armilla AI has therefore developed a suitable coverage solution.

• Its new offer seeks to protect companies deploying d These risks are particularly identified as hallucinations, drifts or degradations of performance, mechanical failures and technical errors.

• Coverage includes legal defence costs and compensation for third party claims.

ISSUES

• A work of co-creation To launch its new offer, Armilla AI participated in the Lloyds Lab program, an innovation accelerator at the Lloyds of London.

• Cover a new risk The democratisation of artificial intelligence systems and technologies contributes to the emergence of new complex risks that need to be covered. Armilla AI is thus positioned as an avant-garde actor capable of meeting new needs.

• Meeting a growing need : Armilla AI puts forward concrete figures to justify the launch of its new offer. This would have resulted in more than 150 prosecutions in the United States over the past five years, according to the U.S. researchers George Washington University.

PERSPECTIVE

• Armilla AI's initiative is innovative but other insurance solutions already offer to cover certain risks related to Artificial Intelligence technologies.

• AXA XL proposed for example since October 2024, to cover insured persons against the potential risks associated with Artificial Intelligence. Its offer is particularly directed to its customers, large groups and companies, to help them manage certain risks arising from the development of their own models of general AI (data poisoning and compliance problem in particular).

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