Munich Re, a leading global provider of reinsurance, primary insurance, and insurance-related risk solutions, has been CertX’s largest single shareholder after acquiring the start-up’s shares from the University of Applied Sciences and Arts of Western Switzerland Fribourg (HES-SO Fribourg), CertX’s former majority shareholder.
CertX is an accredited certification and inspection body for functional safety and cyber security. The Fribourg-based start-up offers certification and inspection services for products and processes, management systems, training and personal certifications. 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.
“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 Fribourg. “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 : addressing concerns about the application of AI
Along with becoming CertX’s largest shareholder, Munich Re has also 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.
The CertAI platform address concerns companies had about the application of AI. While companies across various industries invest in artificial intelligence, people still have doubts about using technology in operational processes, and AI-related risks arouse uncertainty.