I founded Monitaur in 2019 to enable confidence and trust in AI through governance and assurance.
Executive SummaryRisk mitigations enable insurance, and insurance enables the acceleration of innovation, writes Monitaur CEO Anthony Habayeb, offering his perspective on how insurers can be heroes in the quest to understand and tame AI risks. "Insurance should be the industry that leads all industries on demonstration of responsible and ethical AI governance," he writes, noting that the measures insurers take internally aren't just good business practices. They also position carriers to better evaluate—and backstop—the use of AI by other companies.
With my partners, the company was founded with the belief that by enabling governance, we could accelerate the positive potential of AI to make our lives better. Personally, I was inspired by the idea that AI would fundamentally change the fight against cancer, and I wanted to be a part of that. I still believe AI will improve our research, our drugs, our patient care and our treatment of cancer. But during our company’s journey, we found the insurance industry. And the more time we spend here, the more I believe AI’s future success flows through insurance.
The average person doesn’t realize how consequential and impactful insurance is on our everyday lives. How did that highway get built, that office building get erected, that new medical device get launched, that plane take flight? None of those happen without insurance. From what started as ship merchants pooling dollars to protect each other’s fleet and cargo, insurance is the safety net and enabler of every major project, innovation and industrial revolution. Insurance is what catches us and props us up as individuals during some of our lowest moments—when a family member passes, when a car accident happens, when our house is broken into, when hurricanes devastate communities.