PriyaPatel
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TLDR
Key Points:
- There is demand for insurance policies covering dysfunctional AI output.
- Orbital Witness and First Title Insurance launched a policy covering the accuracy of generative AI outputs.
In Q1 and Q2 2024, readers of Life Insurance International showed interest in buying insurance policies covering AI-related liabilities. Orbital Witness and First Title Insurance introduced a policy to protect against errors in AI-driven processes, particularly in real estate transactions. Insurers are recognizing the need for innovative products to address risks associated with AI outputs.
Article
Inaccurate AI outputs can have severe consequences for businesses, leading to financial losses, lawsuits, and damage to reputation. Orbital Witness and First Title Insurance’s AI Reliance policies aim to mitigate these risks for legal professionals using generative AI. These insurance policies are crucial in safeguarding against AI errors and liabilities in an increasingly AI-driven world.
As emerging technologies shape new insurance needs, policies covering AI-related liabilities are becoming essential for risk management. Insurers have the opportunity to develop innovative products and educate clients on best practices for AI implementation and risk mitigation.
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