The term Artificial Intelligence, or AI, encompasses a wide and seemingly ever evolving range of technology-based products and services. It is employed by everyday products (i.e., Siri and Facebook), and AI cognitive learning platforms, like IBM’s Watson, are shaping the future of global industries such as healthcare, automotive and manufacturing. According to research firm IDC, the “widespread adoption of cognitive systems and artificial intelligence across a broad range of industries will drive worldwide revenues from nearly $8 billion in 2016 to more than $47 billion in 2020.”
The rise of AI-enabled devices and robots will create a host of liability issues as they become progressively more autonomous, independent and interconnected. As these robots learn from their actions and take steps farther and farther removed from human programming, there is an increased risk of unpredictability and unforeseen consequences. For companies that employ them, these losses could include, but are not limited to, bodily injury, property damage, and monetary loss. And, autonomous robotic actions could cause a variety of cyber security risks and losses. As a result, companies that employ any type of AI-enabled device or robot should consider the kinds of insurance that could provide coverage for those losses.
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