Allianz artificial intelligence report : Rise of the robots brings huge benefits for businesses, but also creates new loss and liability scenarios
• AI-based applications will increase vulnerability of businesses to cyber-attacks and technical failure, leading to larger-scale disruption and loss scenarios
• Companies face liability challenges as responsibility shifts from human to machine and manufacturer. New framework needed to manage rise in AI-generated damages
• Risk management can help maximize the net benefits of AI. Five areas are crucial for identifying threats: software accessibility, safety, accountability, liability and ethics
• Insurance industry is an early adopter of AI applications to automate repetitive processes, boost risk analysis and improve customer interaction