Advisory and broking services for new and emerging risks
Superscript is now offering bespoke insurance-backed performance guarantees for AI providers, courtesy of a new product called ‘aiSure’, in conjunction with Munich Re.
aiSure is for any and all industries at the forefront of innovation adopting AI - from Anti Money Laundering and fraud detection, through to manufacturing, logistics and many more.
What concerns does aiSure address?
At Superscript we want to get the tech leaders of tomorrow, there today. But a big blocker is that businesses can be hesitant to adopt cutting-edge technologies. Some of the key concerns include:
Cost: Implementing an AI solution can be restrictive for some companies, who will pay for the losses if the model does not deliver?
Data quality: AI algorithms need high-quality data to produce accurate results. Poor data quality can lead to inaccurate results. Will it perform accurately over time even in a changing environment?
Changing requirements: AI solutions need to be constantly updated to keep up with changing customer needs and preferences. Will it perform accurately with the company changes?
Transparency: Companies need to make sure that they understand and are comfortable with the decisions being made by the AI. Will it create consistent results for my specific solution?
aiSure aims to reduce these uncertainties and provide assurances through the performance guarantee, providing the trust to embrace AI, safe in the knowledge that they don’t lose out should the algorithms not perform as promised.
Luke Chesworth, Head of EU and UK Retail for Superscript’s advisory and broking service, said:
AI and machine-learning is the most transformative technology of this generation - we have first hand experience of this at Superscript, where machine-learning is helping us qualify and quantify risks more accurately than ever.
Beyond our own business, 78% of businesses expect AI to disrupt their industry, but 88% have concerns around whether AI-based insights and outputs will deliver as promised in the contracts. This is why we are so excited to work with Munich Re to offer aiSure to our clients and give their clients peace of mind.
Munich Re's aiSure product forms a key component of Superscript's insurance offering for AI and machine learning businesses, from our expert advisory and broking service.
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