Armilla AI
Enhances AI trust with verification, risk assessments, and warranty services.. [Contact for Pricing]
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What is Armilla AI?
Armilla AI is the world's first Managing General Agent (MGA) dedicated exclusively to AI insurance and assessment. The company provides third-party AI assessment, verification, and warranty solutions backed by leading reinsurers including Swiss Re, Greenlight Re, Chaucer, and Axis Capital, operating as a Lloyd's of London Coverholder. Armilla helps AI vendors and enterprises validate, govern, and insure their AI models to protect against AI-specific risks like algorithmic errors, model drift, and gener AI hallucinations.
The platform offers Armilla Verified, an AI assessment and auditing service that provides complete AI governance and technical audits with holistic evaluation of safe, ethical, and trustworthy AI aligned with regulations and standards. Their automated AI verification technology assesses models on performance, accuracy, security, resilience, bias, and fairness. They also provide AI Performance Warranties that trigger compensation if accuracy drops below verified thresholds, and affirmative AI liability insurance covering model errors, hallucinations, regulatory violations, and data leakage.
Armilla AI is designed for AI vendors and startups in Fintech, Insurtech, Healthtech, Legaltech, HRtech who need to anticipate customer questions, respond to enterprise RFPs, meet regulatory requirements like NYC Local Law 144 and EU AI Act, and build trust in their solutions. Enterprise buyers including banks, credit unions, and companies using third-party AI also benefit from Armilla's model risk assessment and vendor due diligence to protect against third-party AI risks before deployment.
Key use cases include AI loan decisioning validation for banks, bias audits for candidate sourcing tools, generative AI support tool evaluation, LLM-based risk assessment audits for fintech RFPs, and employee feedback processing validation. The company has 14 employees based in Toronto, Ontario, Canada, and was founded in 2020 by Dan Adamson and Karthik Ramakrishnan, who serves as CEO.
Armilla AI pricing
Pricing model: Freemium
Custom pricing - specific pricing details are not publicly listed on the website. Pricing is tailored to the specific needs and scale of the enterprise or vendor. Pricing depends on a variety of factors including policyholder location. Not all discounts available in all states or on all products. Contact required for both AI assessment/warranty services and AI liability insurance. The company offers AI Product Warranty and AI Liability Insurance as their two main risk transfer products.
Armilla AI pros
- World's only MGA focused solely on AI insurance
- Third-party independent assessment and auditing service
- AI Performance Warranty with compensation if accuracy drops
- Affirmative AI liability insurance coverage
- Backed by A-rated insurers including Swiss Re and Chaucer
- Lloyd's of London Coverholder status
- Automated AI verification technology
- Comprehensive bias assessment for NYC Local Law 144 compliance
- EU AI Act regulatory compliance support
- Helps accelerate enterprise sales cycles
- Protects against hallucinations and model drift
- Covers regulatory violation defense costs
- Model risk assessment for third-party AI risks
- Evidence-based trust building for AI solutions
- Holistic evaluation of ethical and trustworthy AI
- Covers financial losses from AI product failures
- Professional liability for AI-assisted services
- Systemic AI risk coverage with appropriate limits
Armilla AI cons
- Custom pricing not publicly listed on website
- No free tier available
- Contact required for assessment (5 business day response)
- Not all products available in all states
- Subject to application and underwriting requirements
- Pricing depends on policyholder location
- Exclusions apply to coverage
- Limited to enterprise/vendor scale customers
Frequently asked questions about Armilla AI
What is Armilla AI?
Armilla AI is the world's first Managing General Agent (MGA) and Lloyd's of London coverholder dedicated solely to AI liability insurance. Founded in 2020 and based in Toronto, Canada, Armilla provides third-party AI assessment, verification, compliance, risk mitigation, and warranty coverage for enterprises and AI vendors. Their services are backed by A-rated insurers including Swiss Re, Greenlight Re, Chaucer, and Axis Capital.
What is Armilla Verified?
Armilla Verified is Armilla's AI assessment and auditing service that helps vendors build evidence-based trust in their AI solutions. It provides complete AI governance and technical audits with holistic evaluation of safe, ethical, and trustworthy AI in line with regulations and standards. The service uses automated AI verification to assess models on performance, accuracy, security, resilience, bias, and fairness.
What does AI Performance Warranty cover?
AI Performance Warranty triggers compensation if AI model accuracy drops below verified thresholds. It provides warranty guaranteeing system KPIs and protects buyers by allowing them to recoup their investment if the AI model fails. This turns innovative AI solutions into enterprise-ready, guaranteed solutions.
What does AI Liability Insurance cover?
Armilla's affirmative AI liability insurance covers model errors, hallucinations, regulatory violations, and data leakage. It provides coverage for AI product failures causing customer financial losses, technical AI errors, professional services delivered with AI, AI regulatory violation defense costs, and systemic AI issues with limits designed for systemic risks.
Who is Armilla AI for?
Armilla serves AI vendors and startups in Fintech, Insurtech, Healthtech, Legaltech, and HRtech who need to respond to enterprise RFPs and meet regulatory requirements. It also serves enterprise buyers including banks, credit unions, and companies using third-party AI who need model risk assessment and vendor due diligence to protect against third-party AI risks.
How does Armilla help with regulatory compliance?
Armilla provides fully independent and impartial audits for NYC Local Law 144 bias audit requirements. They offer holistic evaluation aligned with EU AI Act and sector-specific rules. Their assessments help vendors meet regulatory requirements and respond to customer questions about compliance with global standards for responsible AI.
What insurers back Armilla's coverage?
Armilla's insurance products are underwritten by certain underwriters at Lloyd's of London, including Chaucer. Their coverage is backed by established partners including Chaucer Group and Axis Capital, all with AM Best ratings of Superior or Excellent. They operate as a Lloyd's of London Coverholder in the world's largest insurance marketplace.
How do I get an AI assessment from Armilla?
You can request an AI assessment by completing the form on Armilla's website. The team will reach out within 5 business days to discuss your AI assessment needs. The assessment uncovers hidden biases, security risks, and compliance gaps to empower deployment of robust, trustworthy AI solutions.
What real-world scenarios does Armilla insurance cover?
Coverage includes: financial services credit lending solutions inaccurately assessing borrowers, healthcare document processing tools wrongly dismissing insurance claims, professional services contract drafting solutions omitting vital clauses, and enterprise technology fraud detection software wrongly declining customers. All include defense costs and damages where applicable.
What makes Armilla unique compared to traditional insurance?
Traditional tech E&O policies have no clear coverage for AI errors and typically exclude AI-initiated losses. Armilla provides affirmative coverage specifically for AI product failures, technical AI errors, professional services delivered with AI, AI regulatory violations, and systemic AI issues. They combine deep technological insight with robust insurance solutions designed for AI risks at the pace of AI innovation.