February 20, 2022
AI is far from infallible, however. AI models are trained using data, and if the data input is faulty in any way, the resulting output will also be of poor quality (a phenomenon often described in the tech world with the phrase “garbage in, garbage out”). And while it can certainly be frustrating for a consumer to see a string of uninteresting movie recommendations, the stakes are much higher in certain industries—particularly those that are tightly regulated because of their potential to impact a person’s well-being and fundamental rights. What happens, for example, if an insurance company denies coverage to an entire community because its AI system is employing biased data, or if a pharmaceutical conglomerate leverages personal patient data in a way that does not comply with constantly evolving regulations?
Omina Technologies helps their business clients build trustworthy AI solutions that support fair decision-making and respect privacy, as required by regulatory and industry standards. Their Justifai platform enables users to build transparent and fully explainable AI solutions—important so that all stakeholders can easily understand why particular decisions have been made and what factors went into the process. By enabling trustworthy AI solutions, Omina’s Justifai platform also helps companies to minimize the compliance and reputational risks of using AI.
Omina is headquartered in Belgium, part of the European Union, which has always been forward-thinking where online privacy, transparency, consent, and other such issues are concerned. “Omina has been able to guide our clients in staying ahead of the regulatory curve in the EU because of our combination of technical skills and industry-specific domain knowledge,” Brian Alexander, the U.S. President of Omina, says. “We are using our expertise in ethical and trustworthy AI to help life sciences companies effectively drive patient-centric innovation and optimize patient experience, and we enable insurance companies to provide inclusive coverage models at fair pricing by improving risk underwriting and pricing with high levels of transparency and explainability.”
Seeing a shift in the regulatory landscape within the U.S.—and a need for its services—Omina has turned its attention to the American market and has partnered with ARSOME Technology to bring its innovative AI solutions to domestic companies active in highly regulated industries where high-stakes decision making is required, such as healthcare, life sciences, insurance, and education.
“We see this as a very timely and much-needed alliance,” Benjamin Williams, the CEO of Connecticut-based ARSOME, explains. “It isn’t just that regulations are tightening, although it’s evident that they are: in fact, New York City just passed a first-of-its-kind law that prohibits companies from using algorithm-based technologies for hiring and promotion decisions unless the software is audited regularly for bias. Beyond that, however, most businesses are genuinely interested in being socially responsible, trustworthy, and transparent. Together, ARSOME and Omina can aid in their goal to be good corporate citizens.”