Munich Re has launched aiSelf™, an “innovative” coverage for users who implement self-developed Artificial Intelligence (AI) solutions in their own companies.
“This new cover enables you to mitigate the underperformance, unreliability and drift of machine learning models,” Munich Re said.
Munich Re provides insurance coverage to protect companies from potential financial losses resulting from AI underperformance in various ways, the reinsurer said.
“With aiSelf™ you can implement your self-developed and purchased AI solutions with confidence and convince your decision makers of their reliability and financial benefit.”
Commercial providers of AI solutions have long been able to insure the performance of their offerings with aiSure™. aiSure focuses on the performance of AI systems and covers the financial costs resulting from the reduced performance of an AI application.
In May 2022, Munich Re launched CertAI, which validates fully fledged AI systems or AI solutions already in productive use, analysing six different factors – fairness, autonomy and control, transparency, robustness, functional and cyber security, and data protection. The service was being launched through the company CertX, in which the reinsurer holds a majority stake.