One80’s new AI warranty coverage to protect enterprises against unreliable AI models

One80 Intermediaries, a specialty insurance broker, has announced the launch of artificial intelligence (AI) warranty coverage.

Described as it to be the first of its kind warranty product, it was designed to protect enterprises and third-party AI vendors against losses related to unreliable AI models.

According to experts, 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 organisations.

In partnership with Armilla AI, the AI Product Warranty coverage verifies open source and proprietary AI models, providing enterprises with confidence in the technology procured from third-party AI vendors.

Matthew F. Power, President, One80 Intermediaries, commented: “Innovation is core to One80’s culture. 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.”

“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.

Karthik Ramakrishnan, CEO and Co-Founder, Armilla AI, addeD: “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.

“We are confident that partnering with One80 will enable us to continue to deliver market leading AI insurance solutions at scale.”

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