Calvin Risk Announces Collaboration With Aviva to Make AI Risks More Transparent in the Insurance Industry

The Swiss startup will be collaborating through Aviva’s innovation team to understand how their customisable software can best help insurers assess and manage the technical, ethical, and regulatory risks of using AI models.

The two companies aim to explore introducing risk based standardised adoption criteria and decision-making processes throughout organisations. As AI model adoption becomes more widespread in various business aspects such as pricing and underwriting, fraud detection, claims assessment and many more, this is another step towards safely integrating these models in the insurance industry. 

Calvin’s software product extends model validation, independent reviews, and risk reporting to include AI-specific aspects. In addition, the software performs economic profitability and damage assessments for failures in applications of AI systems. This enables faster adoption and productisation of AI use-cases. 

Many of the AI models being developed today come with risks that make them challenging to transition to the real-world.  Models are often “blackboxes” trained on enormous amounts of data. If that data is systematically biased, then the resulting AI will be too. It is imperative that the decision-making basis of AI models be comprehensible and that the models function robustly under varying conditions.

Understanding how well a model actually works and discovering whether unconscious bias has made its way into an AI system is crucial and a major part of Calvin Risk’s mission. That is why the company is developing evaluation metrics, context-specific risk assessments and continuous monitoring to safeguard the deployment of AI and ensure it works as intended. 

Ben Luckett, Chief Innovation Officer at Aviva, said:‍

“As AI develops at pace, we need to make sure the models we use as an industry are safe and fit for purpose. To help address this, we are excited to collaborate with Calvin Risk who are focused on quantifying and managing the risk of AI models for businesses. If the insurance industry knows the risks of AI, we stand a better chance of using it to its full potential.”‍

Julian Riebartsch, CEO, Calvin Risk:

“Our collaboration with Aviva marks a significant step on our mission to deliver safe, transparent, and trustworthy AI. By integrating our AI risk management solutions into operations, companies streamline their processes while paving the way for the effective use of AI in the insurance industry. We are thrilled to be working with Aviva, a company that shares our commitment to the responsible use of AI.”