Insurance-based solutions will initially focus on manufacturing and transport firms that are adopting AI and other cutting-edge technologies

As organisations increasingly depend on Artificial Intelligence (AI) powered automation for critical business processes and operations, corporations need to manage new ‘digital risks’.

To address this, Swiss Re Corporate Solutions and Hitachi have partnered to launch a new industry solution that helps organisations accelerate their digital transformation while minimising the risk.

It will initially be focused on the manufacturing machinery and transport industries. The solution is intended to help customers embrace AI and cutting-edge technologies to maximise productivity, increase automation, implement contactless operations and reduce downtime, while also insuring them against any unexpected business disruption.

Andreas Berger, CEO, Swiss Re Corporate Solutions said the new risk financing solutions would help “accelerate the adoption of innovative, smart manufacturing”.

“Through this partnership we are activating machine-sensor data and continuous diagnostics across the industrial sector. Ultimately this will enable us to price risk more precisely, ensure effective pay-out mechanisms, and provide a seamless risk management experience that addresses industry inefficiencies and is tailored to our customers’ needs,” he added.

According to Hicham Abdessamad, chief executive, Hitachi Global Social Innovation Business: “In today’s world, it is becoming a necessity for businesses to digitally transform and use advanced technologies such as AI to become more agile and automate as much as possible. Also, it is imperative that they can do so with the confidence that their digital risk is mitigated.”