Munich Re becomes a shareholder in CertX

Munich Re is a leading global provider of reinsurance, primary insurance, and insurance-related risk solutions. Since the end of 2021, Munich Re has been CertX’s largest single shareholder after acquiring CertX shares from the University of Applied Sciences and Arts of Western Switzerland Fribourg, HES-SO//FR, the startup’s former majority shareholder. This transaction denotes an important landmark for CertX’ growth path. With over 140 years of very successful track record and brand reputation, Munich Re will support and guide CertX in the next growth phase and international expansion.

The Fribourg based startup is an accredited certification and inspection body for functional safety and cyber security. The startup offers certification and inspection services for products and processes, management systems, training and personal certifications.

“We supported the creation of CertX four years ago as a spin-off from the Competence Center for Robust and Safe Systems (ROSAS) because it perfectly matched our vision – teaching students, research to unleash potential and foster innovation,” said Jacques Genoud, General Director of the HES-SO//FR. “CertX is our role model, which created a vibrant ecosystem and 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.”

CertAI platform launched
In line with the announcement, Munich Re has unvealed its new CertAI validation service for AI applications. Based on its long-standing risk expertise in traditional industrial insurance, and technologies from CertX, CertAI independently and objectively validates the trustworthiness of AI in new product solutions. It analyses these solutions based on six different factors – fairness, autonomy and control, transparency, robustness, functional and cyber security, and data protection. Such independent quality and risk assessments will minimise liability risks and demonstrate compliance with upcoming EU regulations, thus promoting the safe, fair and secure use of AI applications.

The CertAI platform address concerns companies had about the application of AI. While companies across various industries invest in artificial intelligence (AI), people still have doubts about using technology in operational processes, and AI-related risks arouse uncertainty.

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. The organisation developed one of the first AI guides, enabling companies to operationalise requirements to build trustworthy, intelligent systems.

(Press release/RAN)