Infinitech Wenalyze

The union to carry out a configuration platform of insurance products for SMEs, based on the analysis of large amounts of digital data for the configuration of the insurance proposal

The European Commission awards the Infinitech consortium, in which Wenalyze participates, a grant of more than 15 million euros

  • The consortium includes IBM, Hewlett Packard, Santander UK, Liberbank, the National Bank of Greece, among other companies and institutions
  • Wenalyze participates in the pilot program that will develop an insurance product configuration platform for SMEs

The European Commission has awarded the Infinitech consortium, in which the Spanish startup Wenalyze participates, a grant of nearly 16 million euros for the development of a test environment for IoT and BigData on intelligent, autonomous and personalized services in the European finance and insurance ecosystem.

The consortium includes companies, institutions and universities from all over Europe such as IBM, Hewlett Packard, Santander Bank, Liberbank, the National Bank of Greece or the Universities of Glasgow and National of Ireland, among others.

The objective is that the developed system admits a personalization based on characteristics (that learns to select the appropriate coverage and services according to the mass of clients or SMEs). This personalized proposal will be carried out by segmenting the SMEs in groups according to their characteristics through learning algorithms, and the configuration based on the collaborative filtering, that is to say, configuring products based on the characteristics of the SMEs and their risk profiles.

Wenalyze will contribute with its know-how in pilot 13, which will develop an insurance product configuration platform for SMEs, based on the analysis of large amounts of digital data for the configuration of the insurance proposal.

wenalyze infinitech

Infinitech is a joint effort of global leaders in ICT and finance to lower the barriers to the deployment of Big Data, the Internet of Things (IoT) and artificial intelligence in the financial sector by driving innovation and regulatory compliance, stimulating additional investment.

The actions to be developed in the next three years are focused on the implementation of new BigData / IoT technologies for the smooth management and querying of all types of data, interoperable data analysis, blockchain-based, data exchange, real-time analysis, as well as libraries of advanced artificial intelligence algorithms.

Infinitech will also design tools to facilitate regulatory compliance as well as innovative testbeds, each of which offers open APIs and other resources to validate stand-alone and custom solutions, including a unique collection of data assets for finance/insurance.

The project results will be validated in the scope of 14 high-impact pilots that provide comprehensive sector coverage, including Know Your Customer (KYC), customer analysis, customized portfolio management, credit risk assessment, preventive financial crime analysis, fraud anticipation, etc.

Infinitech will establish a market platform that will provide access to the project’s solutions, along with a virtualized digital innovation center that will support innovators.

The work will begin on October 1st and has an execution period of 39 months.

SOBRE WENALYZE

Wenalyze

Wenalyze is a tool developed to determine changes in the financial needs of bank and insurance clients, through analysis based on Open Data. Thus, it allows the analysis of clients and to know their personal, work, leisure, financial, etc. risk profiles, lifestyles and interests.

Thanks to this detailed analysis, banks and insurance companies can offer personalized products to their customers, as well as promote cross-selling, reduce fraud and sort their customers according to risk.

Wenalyze has seen its business model recognised with awards such as the MundiLab from Munich Re as the company with the greatest impact on the global insurance sector, the Ecofin Jury award in its 2017 edition or the Global Business Insight in 2018. In 2018, the Spanish startup has participated in numerous acceleration programmes both in Spain and in countries such as the United States, Germany, Switzerland, Luxembourg and Portugal.

It has also been the beneficiary of aid for the development of machine learning projects, such as that recently granted by the Community of Madrid.

MundiLab de Munich Re