The product was launched to combat the increasing demand for protection against AI-related failures, which can cause significant financial losses for businesses and third-party AI vendors alike.
The new product provides comprehensive protections against AI-related failures. The coverage verifies both open source and proprietary AI models, which will instil confidence in technologies acquired from third-party vendors. The collaboration will also ensure clients can access cutting-edge risk management solutions, ensuring they can apply AI technologies confidently.
Karthik Ramakrishnan, CEO and Co-Founder of Armilla AI commented on the collaboration: “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.”
One80 Intermediaries is an established specialty insurance broker with specialises in assisting clients with unique and complex risk management needs. One80 is known for its pioneering approach and commitment to delivering tailored insurance solutions which meet the market’s evolving demands.
Matthew F. Power, President of One80 said: “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.”
Jonathon Legge, Senior Managing Director at One80, added: “We are thrilled to partner with our brokers and clients in assessing and mitigating AI-related risks and believe that this solution will revolutionise AI risk management.”
