AXA and UK Universities Launch £2M Initiative to Insure AI Risks
AXA has partnered with the University of Edinburgh, WMG at the University of Warwick, and the University of Oxford to create a £2 million project focused on insuring the commercial risks associated with artificial intelligence (AI). Supported by UK Research and Innovation (UKRI), this initiative aims to bring AI risk assessment into the insurance market.
Developing Audit Tools for AI Risk Evaluation
The partnership, called AI2: Assurance and Insurance for Artificial Intelligence, will develop audit tools to assess AI systems on key factors such as accuracy, bias, and privacy. These tools will provide insurers with measurable data to better understand and price AI-related risks.
Focus on Infrastructure and Insurance Pricing
Researchers from WMG at the University of Warwick will concentrate on AI applications in national infrastructure. Their work will explore how assurance standards can influence the pricing models for AI insurance, helping insurers create fair and precise premiums.
Transferring AI Risk to the Insurance Market
This effort is designed to transfer some of the risk associated with AI systems into the insurance sector. By doing so, it encourages developers to build safer and more reliable AI technologies, potentially reducing the likelihood of costly failures or harm.
- Creation of objective audit tools for AI evaluation
- Research on AI’s role in critical infrastructure
- Development of insurance pricing models based on AI assurance
- Incentives for safer AI system development through insurance mechanisms
Insurance professionals will find this initiative particularly relevant as it opens new avenues for underwriting AI technologies and managing emerging risks. For those interested in expanding their knowledge on AI and insurance, exploring resources on AI courses for insurance professionals may provide practical insights.
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