Overview on H2020 Infinitech workshop on IoT, BigData and AI for Insurance Services
Published on 29 de March de 2021
Open Data Infinitech H2020

Last Wednesday and Friday, it took place the workshop organized by H2020 Infinitech in which stakeholders of this project presented their companies and, among them, our CEO Carlos Albo and our COO Roger Ferrandis were there.

They represented Wenalyze inside of the session “AI powered risk assessment based on real world data gathered from users”. Apart from representing our company, they tackle some interesting topics such as how we provide a solution for risk selection, optimize process of underwriting data providing updated and quality information for insurance product for SME.

They also explained the importance of justifying where our data comes from to insurance companies. As we use Open Data sources, the data is already in the new, uploaded by users and even the insurance companies themselves. Thanks to our technology, in within few seconds, we obtain 30 fields of data updated. As usually insurance companies use less updated sources, it is easy for us to prove the veracity of our information.

But there was more than us. For example, Gregory Mygdakos from AgroApps talked about the Agricultural Insurance Industry, Andreas Politis of Dynamis talked about vehicle and health insurance. All of them focused on how AI is helping the insurance industry to obtain better results.

After the different sections, a round table took place. During this time, we discussed the results of the live poll that was taking place live during the event. In general terms, some of the most interesting points discussed where how this is the moment to implement AI in the insurance sector, but some companies are so eager to use it that they do not know the regulations, or they do not even have a clear idea on what they want to sell.

More and more, clients are worried about privacy and the use of their data, while their value personalized and more effective products. That is a good sign. Clients are willing to pay more money for their products as long as the companies ensure their privacy and to obtain better quality products.

AI is here, and it is time to implement it in our products to provide a better experience. What about you? Tell us in the comments what do you think about the revolution of AI and your opinions on data privacy.