Insurers launch cover for losses caused by AI chatbot errors

Insurers launch cover for losses caused by AI chatbot errors

Policies will pay out for costs such as legal fees and court damages if AI tools underperform

Why New Insurance Products Fail and What You Can Do About It

Introduction The insurance industry is no stranger to challenges. While the development and release of a new product can be an exciting milestone, it often comes with unforeseen hurdles. These challenges, particularly the so-called “Day 2 issues,” can be a significant problem for carriers and TPAs (Third-Party Administrators) alike. Despite rigorous testing and quality assurance (QA) processes during development, the reality is that most new pro…

Lloyd’s insurers launch first AI chatbot error policies

For the first time, insurers in London’s Lloyd’s market are offering dedicated policies that cover damages caused by errors from AI chatbots. The article Lloyd’s insurers launch first AI chatbot error policies appeared first on THE DECODER.

Lloyd’s insurers introduce protection against financial losses from AI

Insurers at Lloyd’s of London have come up with a new insurance product to address the financial risks associated with errors in AI tools.

Insurers on the Lloyd's market in London for the first time offer special policies that cover damage caused by errors from AI chatbots. The article Lloyd's insurers provide protection for AI chatbot errors appeared first on THE-DECODER.de.

Canadian insurance broker Armilla has developed a new liability policy designed to financially protect companies against the consequences of potential malfunctions when using artificial intelligence (AI). The policy is a response to growing awareness of the dangers of "silent AI," the company says. It markets the insurance through Lloyd's London market. However, the coverage amount is manageable, for example, with regard to class action lawsuits.