BOSTON--(BUSINESS WIRE)--One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced the launch of artificial intelligence (AI) warranty coverage.
Experts predict that third-party AI tools will increase workforce productivity by as much as 40% and add $14 trillion to the global economy by 2035. Despite the benefits of this rapidly evolving technology, it is estimated that third-party AI tools are responsible for over 55% of AI-related failures in organizations. In response, One80 now offers an AI Product Warranty coverage, protecting enterprises and third-party AI vendors against the loss of revenue or expense related to unreliable AI models.
In partnership with Armilla AI, the coverage verifies open source and proprietary AI models, providing enterprises with confidence in the technology procured from third-party AI vendors.
“Innovation is core to One80’s culture,” said Matthew F. Power, President, One80 Intermediaries. “We consistently demonstrate our ability to pioneer insurance solutions - and take pride in our history of being the first movers in the market with new insurance products such as One80’s AI Product Warranty Coverage,” he continued.
“We are thrilled to partner with our brokers and clients in assessing and mitigating AI-related risks and believe that this solution will revolutionize AI risk management,” said Jonathan Legge, Senior Managing Director, One80 Intermediaries.
“Insurance will play a significant role in addressing AI risk, and Armilla is at the forefront of developing warranty and insurance products that will allow companies to deploy AI solutions safely,” said Karthik Ramakrishnan, CEO and Co-Founder, Armilla AI. “We are confident that partnering with One80 will enable us to continue to deliver market leading AI insurance solutions at scale,” he continued.
About One80 Intermediaries
One80 Intermediaries is a privately held firm with offices throughout the US and Canada. As a leading insurance wholesaler and program manager, the company offers placement services and binding authority for property & casualty, professional and personal lines, life insurance, and travel/accident and health coverages. One80 specializes in key industry verticals such as medical stop loss, cannabis captives, alternative risk, warranty coverage and lender-based insurance. One80 serves commercial companies, non-profits, public entities, individuals and associations and unions, and has access to all major insurance markets in the US, Canada, and UK. One80 has offices in more than 40 locations in the US and Canada. For more information visit www.one80intermediaries.com
