Calvin Risk partners with large insurance group

AI has made a breakthrough and is spreading into more and more application areas in everyday business. However, even the most sophisticated organizations are not sure how to effectively evaluate AI algorithms across the many relevant dimensions such as performance, robustness, fairness, and explainability that are key to building trustworthy AI. On top of that, many organizations have not gathered enough experience with AI-based software products to adequately understand the risks of deploying them in the market. And various scandals have shown that these risks are considerable.

This is precisely where Calvin Risk comes in. Its risk management platform Calvin provides in-depth insights into the development and deployment of each AI algorithm built or used in an enterprise, including its qualitative and quantitative risk factors. By completing the platform's adaptive assessment, companies have access to a comprehensive overview of their AI portfolio's technical, ethical, and regulatory risks. Moreover, using Calvin, companies can continuously monitor real-life model behaviour and keep track of adverse incidents and their consequences.

The internationally active insurance group has intensively pursued its AI business strategy in recent years in order to maintain its leading position in this highly competitive market. Today, this multi-billion dollar company uses hundreds of different algorithms across its various divisions. Both internally developed algorithms and those developed by external vendors are used for the enterprise's operations and products. Adopting Calvin's AI risk framework will help the company improve the current processes and assessment methods used to move these AI efforts from development to production. In addition, emerging and novel risks associated with decisions made by AI systems may have an impact on the company's own business as well as that of the insurance's customers. These risks can be managed and minimized through continuous assessment and monitoring of various risk dimensions such as performance, robustness and safety, fairness, and more. Calvin Risk provides this with its platform Calvin.

The path ahead

The insurance group's experience and market presence, combined with Calvin Risk's unique capabilities, provide an excellent foundation for a balanced, innovative product. The aspiration is a new and compelling market offering for the entire insurance industry. Improving the transparency of past and ongoing projects and processes, as well as establishing appropriate evaluation and monitoring procedures and metrics will help increase the efficiency, quality, and safety of AI algorithm implementation. Furthermore, insurance companies will be protected from potentially problematic situations, such as financial and reputational damages due to uncontrolled algorithms, as they grow their algorithm-driven business.

Calvin Risk will adapt its risk management platform to meet the needs of the insurance industry. In line with the insurance industry collaboration partner, this means providing risk insights, including qualitative and quantitative risk factors, during the development and deployment of each AI algorithm. The platform further enables companies to structure and standardize their AI efforts and set a minimum quality level for these algorithms that meets the requirements of existing and future regulations such as the EU AI Act.

(Press release / SK)