Rising AI risk sees launch of new product partnership

Swiss Re Corporate Solutions are to link with Hitachi Europe to create a new suite of products aimed at digital risk.

The two firms say the partnership to launch integrated insurance-based offerings for the digital era has been driven by the rise in the use of artificial intelligence (AI) in all areas of business.

Initially focused on the manufacturing machinery and transport industries, the duo said the joint solution will help customers embrace AI and cutting-edge technologies to maximise productivity, increase automation, implement contactless operations and reduce downtime, while also insuring them against any unexpected business disruption.

The pair say they define digital risk in this instance as the risk that organisations take on as they adopt automated AI technologies to their critical processes and operations. Work is underway with the aim to see the first organisations launching in by the end of the month.

“As organisations increasingly depend on AI powered automation for critical business processes and operations, corporations need to manage new ‘digital risks’,” Swiss Re said in a statement. “To address this need, Swiss Re and Hitachi are launching a new industry solution that helps organisations accelerate their digital transformation while minimising the risk.”

“We are excited to work with a global technology leader like Hitachi to advance corporate insurance through digital market platforms and accelerate the adoption of innovative, smart manufacturing,” said Andreas Berger, (pic) CEO, Swiss Re Corporate Solutions. “Through this partnership we are activating machine-sensor data and continuous diagnostics across the industrial sector. Ultimately this will enable us to price risk more precisely, ensure effective pay-out mechanisms, and provide a seamless risk management experience that addresses industry inefficiencies and is tailored to our customers’ needs.”

“The strategic partnership with Swiss Re brings together two companies at the top of their industries, creating a new and compelling offering in today’s market. With Hitachi’s experience in IT and operational technology and Swiss Re’s leadership in risk management, we will provide a unique offering to equip businesses with the opportunity and confidence to further digitize, optimize and automate their operations,” said Hicham Abdessamad, Chief Executive, Hitachi Global Social Innovation Business. “In today’s world, it is becoming a necessity for businesses to digitally transform and use advanced technologies such as AI to become more agile and automate as much as possible. Also, it is imperative that they can do so with the confidence that their digital risk is mitigated.”