10093285Accelerating Trustworthy AI: developing a first-to-market AI System Risk Management Platform for Insurance Product creationClosedCollaborative R&DInnovate UKAlgorithm adoption is rapidly expanding across business and society. The number of AI companies in the UK has grown by 600% over the last ten years to \>1,300 companies, and AI adoption within businesses is predicted to reach 1.3m by 2040 (UK Gov). But as AI grows, so do concerns around potential consequences of mass adoption. Legislation is accelerating globally: The UK has announced its National AI Strategy including the 'assurance ecosystem roadmap'; while the far-reaching EU-AI-Act and multiple US interventions (e.g. New York City AI-HR 'bias audits') are emerging and already dramatically changing the landscape. This regulation is sorely needed. Soon billions of algorithms will make decisions with minimal human intervention; from autonomous vehicles and finance, to medical treatment, employment, and legal decisions. Without protection against bias, errors, and other potentially damaging and costly issues, companies face major losses and potential fines. Following our Phase 1 Accelerating Trustworthy AI project, Holistic AI (HAI) and the wider consortium is ideally positioned to respond to this major and still growing industry need for assessment of companies' AI position and insurance against potential losses. We sit at the intersection between AI assurance and insurance services, a crucial balance for solving of this issue, and our team is uniquely experienced in both sides of the equation. We currently work with enterprise companies like Unilever, evaluating their multiple AI projects for bias and failure, ready for multinational application in the emerging regulatory landscape. We now seek to create a full-service Risk Management Platform, building on our work during Phase 1, to deliver on insurance industry requirements. The platform will enable insurers to rapidly evaluate and quantify potential risk within and from AI and data applications to provide customers with reliable, accurate, insurance quotes. We will leverage our existing assessment capabilities, alongside vital datasets gathered during development to-date and industry partner data, case-studies and knowledge to build a pricing and assessment structure fundamental to enable the appropriate insurance of algorithms and their deployment. This project will therefore 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. It creates a significant global market innovation centralised in the UK, answering both national priorities around AI growth and responsible deployment, and growing global concerns around ethical AI usage.