Posts tagged Hunton Policyholder’s Guide to Artificial Intelligence.
Time 5 Minute Read

As we explained in our introductory post, rapid advancements in artificial intelligence (AI) present multifaceted risks for businesses of all types. The magnitude, fluidity and specificity of these risks underscore why businesses should continually audit their own unique AI risks profiles to best understand and respond to the hazards posed by AI.

Time 5 Minute Read

As previewed in part 1 of our AI Policyholder’s Guide, we now discuss how businesses can assess their AI risk to ensure that they are properly positioned to secure insurance coverage should those risks come to fruition. Because no two businesses will have the same AI risk profile, businesses should consider undertaking organization-wide AI risk audits to evaluate their unique AI risk profile.

Understanding the nature of AI-focused legal risk is not only important for business planning, but essential to crafting a comprehensive AI-specific risk management plan. Indeed, because insurance is often underwritten relative to specific risks, knowing the risks to be insured is a prerequisite to procuring the right type of coverage with terms most suitable to a given risk profile.

Time 3 Minute Read

Artificial intelligence (AI) is rapidly changing the way businesses operate, from the way we research and write, to the way data is processed, to the way inventory is measured and distributed, to the way employees are monitored and beyond. Soon, artificial intelligence might be providing life advice, saving hospital patients or accelerating the development of cities. It is already reshaping corporate America. Very few, if any, industries—including the insurance industry—are immune. As the consultancy McKinsey wrote in 2021, artificial intelligence “will have a seismic impact on all aspects of the insurance industry.” McKinsey’s prediction has proved prescient.

As AI continues to influence the insurance industry and the broader economy, new opportunities and risks abound for policyholders. It is therefore essential for policyholders to keep up-to-date about insurance law’s latest frontier. To help policyholders navigate this new frontier, Hunton Andrews Kurth LLP’s insurance recovery team is introducing a new resource: The Hunton Policyholder’s Guide to Artificial Intelligence.

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