AI needs Insurance

In a recently published editorial in Top Business Tech, Augury CEO Saar Yoskovitz argues that policymakers and insurance companies can help accelerate the adoption of AI-driven innovation. They can do this by giving businesses the reassurance they need to take the plunge.

Driving Innovation Through Insurance

“The pandemic has accelerated the adoption of technology for many companies. Governments are developing strategies to encourage further adoption. However, many businesses are still wary of AI and require additional reassurance to go ahead, particularly in industries where implementation is slow. AI insurance is the solution to speed up adoption,” according to Augury Co-Founder and CEO Saar Yoskovitz in the recently published Top Business Tech article ‘It’s Time For AI Insurance’.

He speaks from experience. Augury rates as the first AI-based machine health diagnostics company that comes guaranteed by an insurance company.

More recently a CB Insights report ‘IoT Technology For Risk Management And Claims: P&C Insurance’ rated Augury as a market leader in this arena. “The strength of Augury’s product offering, its blue-chip industrial clients, and investment from leading insurance venture capital groups establish it as a leader in commercial IoT solutions.”

Un-stalling AI Acceleration

In the article, Saar explains how the Covid-19 pandemic has accelerated the adoption of AI solutions. The manufacturing industry has been particularly busy, with now over 93% of companies having integrated functioning AI into their business.

However, many business leaders remain cautious. “Some say that AI adoption is actually moving too fast. To achieve improved confidence and, ultimately, efficiency in using AI, businesses need reassurance that risks can be mitigated before rolling out the technology on a global scale.”

How Policymakers Can Help

Governments can certainly step up to develop more AI strategies. They can work to protect personal privacy and ensure the tech is only used for the benefit of society.

“However, more efforts will be needed for businesses using AI in commercial settings before they feel fully comfortable implementing large-scale rollouts. Like humans, AI systems sometimes make mistakes that result in real-world losses. So potential customers need reassurance to spur adoption. The benchmark for the successful scaling of AI has risen, as systems are now required to add value during difficult business conditions (such as the current pandemic) and during normal working times.”

How Insurance Companies Can Help

Insurance companies can also be more proactive: quantifying and mitigating the arising risk factors. After all, this is what they’ve been doing for centuries. They can also help  in evaluating the most trustworthy AI solutions, validating the existing ones, and scaling those of proven value.

“Insurance can help mitigate the risks to enterprises of deploying AI at scale and improve business trust in the technology. This will help businesses concentrate on maximizing the benefits provided by the technology.”

 

Read the full article.