BANKS LOOKING TO INSURE AGAINST AI HALLUCINATION

Summary from the TLDR Fintech newsletter

Testudo, a Lloyd's-backed startup, is offering coverage of up to $10 million for liabilities arising from generative AI, with annual premiums typically ranging from $10,000 to $20,000. Interest is emerging as financial institutions consider deploying tools that can interact with customers or execute transactions, although some vendors prefer to guarantee their own products and skeptics question whether a separate category of coverage is necessary.