- AI use impacts customer decision-making.
- The insurance industry is currently focused on balancing the efficiencies gained through artificial intelligence with the need to provide meaningful personal guidance to clients.
Insurance Company Urges Businesses to Review AI Risks and Coverage
What happened
Bruce Gendelman Insurance is urging businesses to review their insurance programs due to the rapid adoption of artificial intelligence (AI) in business operations. AI is now used by companies for tasks including customer communications, marketing, contracts, and financial analysis. The insurance industry is responding by introducing new AI-specific exclusions and specialized AI liability products, while some insurers are also extending coverage for certain AI exposures.
From prnewswire.com
Why it matters
The quick integration of AI into business processes is creating new questions regarding coverage under General Liability, E&O, Cyber, and Management Liability policies. The evolving insurance landscape means that AI-related incidents could potentially implicate multiple insurance policies depending on the circumstances.
The insurance industry is currently focused on balancing the efficiencies gained through artificial intelligence with the need to provide meaningful personal guidance to clients, and AI use impacts customer decision-making.
From prnewswire.com