Blockchain
The insurance industry is known to be traditionally bureaucratic and slow to adopt new technologies as it involves complex manual processes and many intermediaries. This industry has been systematically investing in adopting and redesigning its IT systems, making them increasingly faster, more robust, but keeping business processes unchanged. However, blockchain technology, particularly smart contracts, have the potential to transform this industry, bringing greater efficiency, transparency, and security to customers. Smart contracts are computer programs that [...]
Discovery Labs
Nowadays, insurance companies can hugely benefit from the use of Machine Learning (ML) on their daily basis. Some of these benefits are: Risk appetite. Risk analysis. Premium leakage. Expense management. Subrogation. Litigation. Fraud detection. Among others. According to Accenture, “most of the insurance companies process only 10-15 percent of the data they have access to”. Considering these numbers, the amount of valuable data not being used is enormous. Undeniably, there is a lot of space [...]
Discovery Labs
Insurance is one of the oldest financial businesses in the world, but it cannot keep using its traditional models. With the increasing use of the internet and mobile phones, insurance companies must follow the digital trends or risk losing customers. Requesting a quote or buying insurance online is now an appealing option that most insurance companies offer. Through this option, the entire process becomes much easier for customers as they can get free quotes and [...]
Discovery Labs
NAU21 attended the AFIP’s Digital Contracts & ID Seminar to introduce SIS (Smart Insurance System), a platform designed to implement smart contracts on day-to-day insurance processes. Currently focused to be used at claim reports and policy underwritings, we want to expand the platform's applicability to every insurance process. In short, the idea of NAU21 is to bring into a distributed system all the entities that have an interest in the execution of a process and [...]
Discovery Labs
The “Data Protection Day” or “Privacy Day” outside Europe is celebrated each year on 28 January. It aims at raising awareness on the right to data protection. As one of our main focuses is working with blockchain technology, machine learning and artificial intelligent, NAU21 understands and is compliant with the EU GDPR, taking into account these standards in its line of business. To celebrate and raise awareness to this this day, here are 5 privacy [...]
Blockchain
Blockchain is here to stay, and the insurance industry can certainly profit from its ready-to-disrupt-the-insurance-market revolutionary approach. Using Blockchain will fasten verifiable data exchanges and ease data reconciliation in a transparent network, visible for all parties involved. All operations gave a single source of truth, which increases data accuracy and leads to efficiency gains, as well as to cost, and fraud reductions. Blockchain technology can significantly improve insurance operations, reducing its resolution time and simplifying [...]
Discovery Labs
Closing up 2020 the best way possible, NAU21 entered the Annual Listing of 10 companies that are at the forefront of providing Insurtech consulting/services and impacting the industry in Europe. This distinction was recognised by the Insurance CIO Outlook, as it became familiar with our focus on blockchain technology, machine learning and artificial intelligent. By bringing these innovative technologies to the insurance market, the optimisation of insurance processes is undeniable, favouring automatic negotiations and providing [...]
Blockchain
NAU21 believes that technology should and does play a major role in improving the lives of the world's population. Focusing this premise on our reality, we have identified two technological areas (Blockchain and Artificial Intelligence) which enhance the simplification and automation of business processes with strong benefits for companies and their clients, when applied in a combined way. As such, NAU21 has studied and investigated the application of Blockchain technology together with INESCTEC, namely in [...]
Blockchain
From our point of view, trust is the fundamental key for successful business. However, there is always a risk in digital business as people do not knowing each other personally. According to the Edelman Trust Barometer (2018), the Trust Index suffered a decline in 10 of the 15 business sectors analysed. In addition, the Financial Cost of Fraud Report (Crowe UK, 2019) underlines that fraud losses represent 6,05% of DGP in the United Kingdom, corresponding to £ 3.89 trillion. Globally, [...]
Blockchain
The development of innovative IT solutions strengthens the exploration of disruptive business models. Nau21 is working to become a key player in the discovery of revolutionary solutions applied to financial services. These solutions are mainly targeted for the insurance and reinsurance markets. Technologies such as blockchain and smart contracts end up bringing a myriad of benefits to these markets. All because their digital presence is transparent, accessible and immutable. In the complexed insurance world, these [...]
