AI4People supports insurance companies to deeply understand, classify and monitor those risks to help them positioning their value proposition on the market:

• Assessing the existing product/services related to AI risks already available in the insurer portfolio and identifying new product/services which could be added with specific coverage for AI Risks to complete the Insurance portfolio.
• Offering training and education services, both for the Insurance Company and their clients in the context of AI Risks, Regulation and Ethics, aiming at increasing the overall ecosystem awareness, preparing the market for the upcoming regulatory innovations, preventing AI Risk, increasing the overall reputation of the Insurance Company as “innovator” in the AI Risk & Regulation ecosystem.
• Supporting insurance companies in risk assessment for specific AI Risks, advising for possible mitigations, working with insured clients on site to reduce the level of exposure to risks and subsequently reduce the insurance premiums.
• Involving technology players (and partners), who are able to complement the business service with specific tools applicable during the whole “life cycle” of risk assessment and prevention, risk mitigation and monitoring, impact evaluation of specific damage events, post events remediation actions.
• Defining a common marketing and communication strategy to increase market awareness and the Insurance Company brand position as an innovative player in the AI regulatory space.

Looking at the recent evolution of the Artificial Intelligence – and specifically the GenerativeAI stream – just as one of the most recent trends in the general digital (re)evolution, we expect this soon to become a new source of risks for all the organizations. We can generally consider the risks associated with AI as a specific use case of the general Cybersecurity risks.

Existing risks due to the digital environment we live in a digital society (e.g. scam, company data or identity information stealing, hacker attacks, data lost or damage, etc.) might potentially increase, duplicate or exacerbate as the AI comes into the picture and offers a new very powerful tool to those who have harmful intentions.

Starting from a few information and assumptions on the overall Cyber risk Insurance Market, we foresee a very near future where there will be a clear market need to assess, quantify and insure the risks associated with Artificial Intelligence.

For more information please mail to: insurance@ai4people.org