TLDR Tech / Fintech
Banks looking to insure against AI hallucination
Testudo, a Lloyd's-backed startup, is offering insurance coverage of up to $10 million to protect against liabilities stemming from generative AI. Annual premiums typically range from $10,000 to $20,000. Financial institutions are showing interest as they consider deploying AI tools that interact with customers or execute transactions, although some vendors prefer to self-guarantee their products, and skeptics question the necessity of a separate insurance category for AI.
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