We have assembled information regarding the current status of insurance companies and AI companies in the field of AI insurance.
State of Insurance Companies
| Approach |
Description |
| New products |
Some insurance carriers have been selling AI insurance products for the last 3-4 years while some are about to launch such products in 1-2 months. These products cover risk of stability of performance (AI performance guarantee), copyright violation, etc. |
| Exclusions / Inclusions |
Some carriers are excluding AI risks from their existing products and adding them as endorsements. |
| Exposure estimation in existing portfolio |
Some carriers are sending detailed questionnaires about AI risks estimation to their existing policyholders, following which they plan to make a decision to launch new products or modify the existing ones. |
| Training underwriters and claims management teams |
Some carriers are investing in training their team on AI risks to understand how to adapt their underwriting process. |
| Wait and watch |
Other carriers are tracking losses, claims, lawsuits and regulations to decide the appropriate course of action. |
State of AI Companies
- AI companies are buying AI insurance products for risk of stability of performance (AI performance guarantee), risk of copyright violation, etc.
- The AI performance guarantee product is being used to aid their sales.
- Most claims are for covering losses due to AI underperformance.
