Holistic AI secures £596,670 to lead the development of a revolutionary AI Risk Management platform

Goal

‍To create a unique and novel offering providing the first future-proof tools suitable for insurer-based AI assessment, answering a major industry demand and a commercial necessity for the maturity of trusted AI deployment.

Challenge/Problem

‍Algorithm adoption is rapidly expanding across business and society, but as AI grows, increasing regulation and assurance requirements make utilising AI more complex and potentially very damaging. There is a clear and urgent need for companies to be able to assess their AI position and insure themselves against potential losses due to AI issues.

Solution

‍In collaboration with University College London, Actuari and Unilever, Holistic AI are developing a groundbreaking Risk Management Platform for AI risk evaluation and AI insurance pricing. The platform will be capable of allowing the generation of a robust, evidence-based accurate and appropriate quote underpinning new insurance product development. 

Introduction to Holistic AI

‍Established at University College London by Emre Kazim and Adriano Koshiyama, Holistic AI's founding principle is the acute need to enable companies to build and scale responsible AI ensuring a future where AI technology seamlessly integrates with society. As a global leader in the field of Responsible AI, Holistic AI empowers enterprises like the Fortune 500 corporations, SMEs, governments, and regulators with 360 solutions for AI trust, risk, security, and compliance that empowers companies to adopt AI at scale safely helping them to innovate with confidence.

Result

‍The collaboration between Holistic AI and Grant Up proved to be a resounding success, securing the crucial £596,670 grant funding required to advance the project. This financial support has enabled Holistic AI and their partners to make significant strides in the development and implementation of their AI Risk Management Platform, marking a major milestone in development of reliable, accessible AI assurance.