Munich Re is aiming to enhance acceptance of artificial intelligence (AI) with its new CertAI validation service, which provides objective validation that AI systems are trustworthy.
Companies from a variety of industries are currently investing in the development and deployment of AI with the aim of generating promising business opportunities, Munich Re explained. However, many people still have doubts about the use of this technology in operational processes, and the novel risks associated with AI are fraught with uncertainty.
CertAI independently and objectively validates the trustworthiness of AI in new product solutions and demonstrates its quality to clients, investors and supervisory authorities, said the reinsurer, noting that potential use-cases can be implemented in the financial sector or in the manufacturing industry, for example.
CertAI validates fully fledged AI systems or AI solutions already in use.
Munich Re said it considers trustworthy artificial intelligence to be a strategic growth area that offers attractive business opportunities, “particularly since the AI risks arising from future technologies such as quantum computing are set to become even more significant in future.”
CertAI Analyzes 6 Factors
It analyzes these solutions on the basis of six different factors – fairness, autonomy and control, transparency, robustness, functional and cyber security, and data protection. To accomplish this, Munich Re said it is using its years of risk expertise in the area of traditional industrial insurance as well as with new technologies via the Swiss certification company CertX.
Since late 2021, Munich Re has held a majority stake in this start-up company, which was launched four years ago at the University of Applied Sciences in Freiburg.
“CertAI supplements our offering, and we, in turn, are contributing our own know-how to it,” commented Jens Henkner, managing director of CertX.
“We look forward to engaging in a long-term partnership which Munich Re has underpinned with its strategic shareholding. Going forward, I am certain that we will be able to explore more global business ideas together that combine certification and insurance,” Henkner added.
“CertAI will enable us to address the significantly expanding coverage needs of AI solution providers in the market. At the same time, it will help us to hone our analytical skills in assessing the use of artificial intelligence for the insurance risks of tomorrow,” said Fabian Winter, Munich Re’s chief data officer.
The reinsurer noted that 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 drafted one of the first sets of AI guidelines, enabling companies to operationalize requirements with regard to the trustworthiness of intelligent systems for the development of individualized AI applications.
“The increasing implementation of AI in business – for instance as part of Industry 4.0 and autonomous driving – is giving rise to many new risk areas and client requirements that need to be identified, analyzed, understood and evaluated,” said Munich Re.
“The digitalization megatrend is also transforming the risk landscape. Novel risks – be they in the area of cyber, data analytics, quantum computing or artificial intelligence – call for innovative solutions,” according to Torsten Jeworrek, member of the Munich Re board of management.
“Munich Re started investing in the build-up of relevant know-how early on and is unlocking new digital fields of business for the benefit of its clients on an ongoing basis. CertAI will enable us to take the next step forward and reinforce our position as a reliable industry partner for the digital world.”
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