The development of the SIS platform, in partnership with INESC TEC, led to NAU21 – a company incubated at UPTEC – being acknowledged as one of the 10 best Insurtech companies in Europe, according to Insurance CIO Outlook magazine. This platform aims to revolutionize the way people handle insurance-related matters, making processes simpler, faster and more direct.

NAU21 and INESC TEC are currently developing the SIS (Smart Insurance System) platform within the scope of the SIS ^ 1 project; it aims to promote the interaction between insurance companies, customers, policyholders, banking institutions and other entities involved in insurance contracting and claims processing operations.

INESC TEC is represented by the High-Assurance Software Laboratory (HASLab), namely by researchers Ana Nunes Alonso and Fábio Coelho, and by the Artificial Intelligence and Decision Support Laboratory (LIAAD), through researchers Alípio Jorge and João Vinagre. More specifically, these teams are responsible for the design, planning and development of the secure access and data storage layer, as well as for the development of machine learning models through mechanisms that ensure privacy.

The SIS ^ 1 project takes advantage of blockchain technology to enhance the platform as a mediation mechanism, allowing the dematerialisation of business processes, while benefiting from the programmatic execution capabilities provided by smart contracts, in order to automate actions in the insurance domain, e.g., insurance underwriting and claims processing, as well as regarding the management and access control of potentially sensitive information.

Using machine learning tools, it will be possible to, for example, improve actuarial risk analysis, thus allowing insurance companies to improve business-related knowledge, while enabling the customisation of products and services, and improving policyholders’ experience.

The adoption of the SIS ^ 1 platform will thus encourage disruption in the insurance market, transforming traditional business processes, providing more operational efficiency, less fraud, and increasing transparency and simplicity.

NOTE: The INESC TEC researchers mentioned in this news piece are associated with INESC TEC, UMinho and UP-FCUP.

Source: INESC TEC