- Munich Re acquires stake in CertX
- New service for evaluating AI risks in cooperation with Munich Re and Fraunhofer
- CertX will be ready for certifications required by the EU artificial intelligence act
CertX is pleased to announce that Munich Re, a leading global provider of reinsurance, primary insurance, and insurance-related risk solutions, is since end of 2021 CertX’ largest single shareholder. Roughly 4 years after CertX’ foundation this transaction denotes an important landmark for CertX’ growth path. Munich Re with its over 140 years of very successful track record and brand reputation will support and guide CertX in the next growth phase and international expansion. Munich Re acquired the shares in CertX from the previous CertX majority shareholder, the University of Applied Sciences and Arts of Western Switzerland Fribourg, HES-SO//FR.
Jacques Genoud, General Director of the HES-SO//FR, says: ” We supported 4 years ago the creation of CertX as spin-off from the Competence Center for Robust and Safe Systems, ROSAS since it perfectly matched our vision: teaching students, research to unleash potentials and foster innovation. CertX is our role model which created a vibrant ecosystem and a demonstrated a successful business model. We believe that Munich Re is a perfect fit for the next phase and the future growth of CertX in Switzerland and abroad. Certification of AI applications needs the combined capabilities and resources of CertX and Munich RE. Together they address the business potential of risk management in an increasingly digital world.”
from left to right: Amin Amini (CertX), Dr. Fabian Winter (Munich Re), Dr. Jens Henkner (CertX), Tom van den Brulle (Munich Re), Dr. Stephan Mayer (Munich Re), Dr. Jean-Nicolas Aebischer (HEIA-FR), Jacques Genoud (HESSO), Prof. Wolfgang Berns (HEIA-FR)
Certification of Artificial Intelligence Based System:
Companies from many industries are currently investing in the development and application of AI with a view to promising business potential. However, there is often still a lack of trust in the technology in operational use – novel risks associated with AI lead to uncertainty.
With our new partnership CertX with its unique skill set, experience, and accreditation is supporting Munich Re with its own long-standing risk expertise in traditional industrial insurance to offer CertAI a novel product and service for AI applications. AI systems that have been fully developed or are already in productive use, will be analysed along six dimensions: Fairness, Autonomy and Control, Transparency, Robustness, Functional and Cyber Security, and Data Protection. Such independent quality and risk assessments will minimize liability risks and demonstrate compliance with upcoming EU regulations thus promoting the safe, fair and secure use of AI applications.
Fabian Winter, Chief Data Officer of Munich Re: “With CertAI’s service, it is once again a matter of Munich Re making the earliest and broadest possible use of our qualified risk view of a future technology. With CertAI, we are addressing a rapidly growing need among AI solution providers in the market. At the same time, we are thereby increasing our analysis expertise for the evaluation of AI in the insurance risks of tomorrow.”
By means of independent and objective testing using CertAI, the trustworthiness of AI in new solutions can be validated and their quality demonstrated to customers, investors and regulatory authorities and supporting the acceptance of artificial intelligence (AI).
As another central cooperation partner, the Fraunhofer Institute for Intelligent Analysis and Information Systems, IAIS contributes views from numerous national and international initiatives on AI certification to CertAI. IAIS is one of the leading scientific institutes in the fields of Artificial Intelligence, Machine Learning and Big Data in Germany and Europe, and pioneers in the development of AI testing methods. They developed, one of the first AI guides, enabling companies to operationalize requirements for the development of trustworthy, intelligent systems.
Jens Henkner, Managing Director of CertX, says: “CertAI complements our offering, and we contribute our know-how there in return. We are looking forward to a long-term partnership, which Munich Re has underpinned with a strategic investment. I am sure we can connect more combined global business ideas in the future, where certification and insurance go hand in hand.”
Upcoming Artificial Intelligence Act in the EU:
With CertX’ active contribution to the future standards for AI, its experience in certification in lean but effective certifications and practical know-how from contribution to CertAI, CertX will be ready to support our clients internationally for the upcoming mandatory certification according to the EU artificial intelligence act.
The increasing use of AI in the economy – e.g. in the context of Industry 4.0 or autonomous driving – is giving rise to many new risk areas and customer needs that must be identified, analyzed, understood and evaluated. CertX and Munich Re therefore see the topic of trustworthy artificial intelligence as a strategic growth area with attractive business opportunities, especially as the significance of AI risks will continue to increase in connection with future technologies such as quantum computing.
CertX AG is an accredited certification and inspection body for functional safety and cyber security located in the canton of Fribourg, Switzerland. CertX is offering certification and inspection services for products and processes and management systems as well as trainings and personal certifications.
Munich Re (Münchener Rückversicherungs-Gesellschaft AG in Munich) is a leading global reinsurer, providing products that range from traditional reinsurance to solutions for risk assumption. Meanwhile, its primary insurance operations are concentrated in the ERGO Group AG, which is represented worldwide in 26 countries, though it focuses on Europe and Asia.