Munich Re aims to improve the acceptance of artificial intelligence (AI) with its new CertAI validation service, which provides objective validation that AI systems are trustworthy.
Companies from various sectors are now investing in the development and deployment of AI with the aim of generating promising business opportunities, explained Munich Re. However, many people still have doubts about the use of this technology in business processes, and the new risks associated with AI are full of uncertainty.
CertAI independently and objectively validates the reliability of AI in new product solutions and demonstrates its quality to customers, investors and regulators, the reinsurer said, noting that potential use cases can be highlighted. implemented in the financial sector or in the manufacturing industry, for example. .
CertAI validates full-fledged AI systems or AI solutions already in use.
Munich Re said it sees trustworthy artificial intelligence as a strategic growth area that offers attractive business opportunities, “especially as AI-related risks arising from future technologies such as computing quantum should become even more important in the future”.
CertAI analyzes 6 factors
It analyzes these solutions based on six different factors: fairness, autonomy and control, transparency, robustness, functional and cyber security, and data protection. To do this, Munich Re said it is using its years of risk expertise in traditional industrial insurance as well as with new technologies through Swiss certification company CertX.
Since the end of 2021, Munich Re has held a majority stake in this start-up, launched four years ago at the University of Applied Sciences in Fribourg.
“CertAI completes our offer, and we in turn bring our own know-how to it”, commented Jens Henkner, CEO of CertX.
“We look forward to embarking on a long-term partnership which Munich Re has supported with its strategic shareholding. Going forward, I’m sure we can explore more holistic business ideas together that combine certification and assurance,” Henkner added.
“CertAI will allow us to meet the rapidly expanding coverage needs of AI solution providers in the market. At the same time, it will help us hone our analytical skills to assess the use of artificial intelligence for tomorrow’s insurance risks,” said Fabian Winter, Chief Data Officer of Munich Re.
The reinsurer noted that the Fraunhofer Institute for Intelligent Analysis and Information Systems is another key collaboration partner.
A pioneer in the development of AI certification systems, Fraunhofer IAIS is described as one of the leading research organizations in the fields of artificial intelligence, machine learning and big data in Germany and Europe. Fraunhofer IAIS authored one of the first sets of AI guidelines, enabling companies to operationalize intelligent systems reliability requirements for the development of individualized AI applications.
“The increasing implementation of AI in companies – for example in the context of Industry 4.0 and autonomous driving – gives rise to many new areas of risk and customer requirements that need to be identified, analyzed, understood and assessed,” said Munich Re.
“The megatrend of digitization is also transforming the risk landscape. New risks – whether in the field of cybersecurity, data analytics, quantum computing or artificial intelligence – call for innovative solutions”, according to Torsten Jeworrek, member of the board of directors from Munich Re.
“Munich Re started investing in building up relevant know-how early on and is continuously opening up new digital business areas for the benefit of its customers. CertAI will allow us to take the next step and strengthen our position as a reliable industrial partner for the digital world. »
Data Driven InsurTech
Interested in have?
Receive automatic alerts for this topic.