Calvin Risk, a start-up based in Kloten in the canton of Zurich that was only founded in August 2022, has partnered up with a multi-billion-dollar insurance firm. The internationally active insurance group will in future have the numerous Artificial Intelligence (AI) algorithms that it uses checked for their credibility and monitored in terms of their performance by Calvin, as the risk platform developed by Calvin Risk is known.
According to a press release, the adoption of the Calvin AI risk management framework will help the insurance company to improve current processes and assessment methods. In addition, emerging and novel risks related to decisions made by AI systems can be controlled and minimized with this framework.
According to the information in the press release, Calvin supports companies in effectively evaluating the relevant dimensions of trustworthy AI algorithms such as performance, robustness, fairness and safety. This helps them to adequately understand the risks of their use in the market. Accordingly, companies receive a comprehensive overview of the technical, ethical and regulatory risks of their AI portfolio. In addition, with Calvin they can continuously monitor the behavior of the models in real life, thereby tracking adverse events and their consequences in the process.
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