The SIS^1 project (Smart Insurance System), a collaborative initiative between INESC TEC and the company NAU21, was one of the finalists in this year’s edition of the Portugal Digital Awards – “Best Insurance Project” category. SIS^1 proposes a new collaborative and transparent management of the traditional business processes of the insurance sector.
Combining blockchain technology and machine learning, this project allows professionals to evaluate the conditions of insurance contracts, make automatic decisions and establish additional contractual terms. In particular, the tool dematerialises and simplifies contractual insurance processes and applies machine learning algorithms that enable predictions about claims, improve risk analysis and explore customisable business opportunities, i.e., up selling and cross selling.
Through automatic negotiation, SIS^1 will enhance collaboration between entities, benefiting various parties and generating added value through knowledge extraction techniques.
INESC TEC participates in the project according to two dimensions: first, the development of the data access management layer, which allows to define and apply complex and flexible access policies. “This focus, for instance, on the data processing consent conditions by customers and entities participating in the collaborative network”, explained Ana Nunes Alonso, researcher at High-assurance Software Laboratory (HASLab)
Secondly, INESC TEC participates in the application of machine learning algorithms with effective privacy/confidentiality preservation features, compatible with the defined data access policies. “These allow us to extract knowledge from the existing data, respecting both the explicit consent by customers and the data sharing conditions defined by the participating entities”, added Ana Nunes Alonso.
The Portugal Digital Awards initiative, promoted by Axians and IDC, aims to acknowledge and reward projects, teams and business leaders that promote the transformation and progress of organisations and society.
The seventh edition of the Portugal Digital Awards featured a jury composed of 26 jury member and observers from different business areas. The awards ceremony took place on December 6, and the video of the sessions is available here.
The researcher mentioned in this news piece is associated INESC TEC and UMinho.