Fintech PR
RAI Institute Partners with Armilla AI to Scale Adoption of its Responsible AI Assessments with Company’s Performance Guarantee for AI Products
NEW YORK and LONDON, Dec. 13, 2023 /PRNewswire/ — The Responsible AI Institute (RAI Institute), a nonprofit developing an independent certification framework for AI, has partnered with Armilla AI, a leading provider of AI risk mitigation and transfer solutions, to provide RAI Institute members with preferred access to the company’s verification and warranty for AI products, backed by world-class insurers.
Armilla AI recently announced the launch of its Armilla Guaranteed warranty, a groundbreaking performance guarantee for AI products that is being backed by the company’s global insurance partners Swiss Re, Greenlight Re and Chaucer.
Now, RAI Institute and Armilla AI will offer RAI Institute members the ability to combine a RAI Institute Product Assessment, which aligns with the NIST AI Risk Management Framework, with Armilla Guaranteed. This will give RAI Institute’s enterprise members the ability to deploy procured AI solutions with confidence, knowing that they have passed an assessment that aligns with the NIST AI Risk Management Framework and that they are insured against performance outside vendor-advertised performance and fairness metrics.
As part of the partnership announced today, Armilla looks forward to working with RAI Institute in beta testing and operationalizing its RAISE Benchmarks, announced last week.
The pioneering collaboration comes at a critical moment for enterprises, which are searching for solutions to verify the reliability of AI vendors and the quality of third party AI solutions. At the same time, AI vendors are looking for new ways to build evidence-based trust in the quality and reliability of their products through concrete assurances, particularly as regulators such as the EEOC and FTC are actively investigating the claims vendors make about their AI offerings.
“We’re thrilled about this innovative partnership that enhances trust in AI Products,” said Manoj Saxena, Chairman of the RAI Institute. “Our members have been quick to adopt our AI assessments and Benchmarks, recognizing the value of Responsible AI in enhancing their products and business operations, and staying ahead of the curve in terms of global regulatory compliance. The combination of our RAI Institute Product Assessment with the Armilla Guaranteed warranty presents an innovative market-driven incentive for Responsible AI, strengthening our members’ competitive advantage.”
“Responsible AI is at the core of Armilla’s mission and we’re looking forward to deepening our relationship with the RAI Institute, a global leader in independent AI assessments, through this collaboration. We’re thrilled to be able to offer our AI warranty coverage to companies that are adopting a leading assessment that aligns with global frameworks such as the NIST AI RMF and the EU AI Act. At a time where enterprises are increasingly concerned about AI risk and safety, we’re excited to provide this verification and coverage to help accelerate the adoption of high quality, robust AI solutions.” said Karthik Ramakrishnan, CEO and CoFounder, Armilla AI.
Founded in 2016, Responsible AI Institute (RAI Institute) is a global and member-driven non-profit dedicated to enabling successful responsible AI efforts in organizations. RAI Institute’s conformity assessments and certifications for AI systems support practitioners as they navigate the complex landscape of AI products. Members include ATB Financial, Amazon Web Services, Boston Consulting Group, Yum! Brands, Shell, Chevron, Roche and many other leading companies and institutions collaborate with RAI Institute to bring responsible AI to all industry sectors.
Armilla AI is a provider of AI risk mitigation and transfer solutions on a mission to enable enterprises to safely deploy cutting edge AI. Using industry-leading AI/LLM evaluation technology, the company evaluates and measures the risk level of AI models to provide AI verification and warranties, backed by leading reinsurers Swiss Re, Greenlight Re and Chaucer. A graduate of renowned AI and insurtech accelerators, including Creative Destruction Lab, Y-Combinator, Lloyd’s Lab and Betaworks’ AI Camp, Armilla AI was recently named to FinTech Global’s Insurtech100 and InsureTechConnect’s Forward50, and is a winner of the Responsible AI Institute’s 2023 award for most outstanding product. Armilla’s clients include AI scale ups and large enterprises in financial services, insurance, healthcare, human resources, legal services, manufacturing and beyond.
Abigail Campbell, Account Manager, VSC, armilla@vsc.co
