Alternative automated insurance risk selection product recommendation for SME

The INFINITECH project is called to reduce barriers to the use of big data and IoT devices in the financial sector, increasing regulatory compliance and stimulating future investments. The consortium, of which Wenalyze is a part, is made up of 48 partners, leaders in the technological, financial and insurance sectors. Within the project, fourteen impact pilots are developed that will implement different aspects of big data within the financial industry. Wenalyze is responsible for developing thirteen forms of profiling of insurance needs for small and medium enterprises in the pilot, in order to know their risks better and thus be able to offer a personalized selection of products and coverage.

This is based on the collection of information from these companies in open and alternative data sources to those traditionally used by insurers. To achieve this goal, the platform's robots filter and track the company's fingerprint on the Internet in various open sources, ranging from social networks, public official records, opinions web, the company's own web pages, etc.

Applying big data analytics and machine learning algorithms, we get a profile of the company from the point of view of the risks it faces, depending on the activity, its type of business, scope of activity, interaction with its customers and their suppliers, etc. In this way it allows us to build a file with the indicators of these risks, their levels and their evolution over time, so that it is possible to build a personalized and automated offer.

Once the customized offer is built, it also allows, through connection with the underwriting systems of the insurance company, to make an automated underwriting of the policy and its issuance, improving the efficiency of the service, the product and maximizing customer satisfaction

The benefits of the construction of these models are diverse and not only impact on the monitoring of risks by insurers and reinsurers and the construction of better offers for client companies, but also contribute to the reduction of the GAP insurance of SMEs European, improving the sustainability of the economy and increasing the strength of European companies