The financial technology (FinTech) and insurance technology (InsurTechs) encompass firms that use technology-based systems either to provide financial/insurance services and products directly, or to make these systems more efficient. FinTech and InsurTech are rapidly growing sectors and poised for disruption: in the first half of 2020, investment in InsurTech companies reached US$2.2 billion in Europe alone, whereas investments in the former are predicted to reach $4.7 trillion in valuation by the end of 2020. Overall, we expect that FinTech/InsurTech innovations will constantly expand since there is a large number of organizations looking to modernize the financial/insurance market by taking advantage of new technologies such as Artificial intelligence (AI), Machine Learning (ML), and deep data analytics. bluesource is in perfect position to capitalise on these trends.
To achieve the greatest possible impact of research outcomes and product innovations, bluesource prioritizes actions which take a systemic approach to promote the use of AI, ML and deep data analytics to improve customer experience, automate processes and simplify financial and/or policy management.
Artificial Intelligence (machine learning)
bluesource has established a strategic partnership with Software Comptence Center Hagenberg (SCCH), one of Austria’s most established data science/AI centres of excellence, to further translate science into action through the combination of practical research, extensive historical financial or insurance claim data, and machine learning. Within this area we are currently concentrating on automated document and image processing, the implementation of predictive algorithms and the development of intelligent recommender systems. By collaborating, the organizations expect to make significant headway in strengthening communities and the insurance industry with better financial or claim insights.
Data Visualisation and Dashboard Design
Discovering and visualizing valuable information within unstructured, heterogeneous amount of data in such a form which is understandable to individual user, is a challenging task, given the vast amount of data that we have to deal with in today’s information society. bluesource provides the expertise and support for a broad range of data visualization techniques by applying a variety of business intelligence (BI) techniques – including algorithmics, mathematics and statistics – to discover topics and relationships, and to extract meaningful, structured information which is then presented in individualised manner.
Demonstration Activities and Pilots
From Technology Readiness Level TRL4 to TRL 7, this is the most prominent bluesource’s R&D area. Also, here bluesource does not typically work alone, but in collaboration with industrial partners including SMEs, academia and other research organizations. bluesource has extensive knowhow on pilot/demonstration study design and respective techniques and tools, connecting providers and users to test the technology, and their unique multidisciplinary approach. Furthermore, bluesource has knowledge of industrial environments, practicalities, and limitations making it the ideal project lead in certain situations.
System Architecture plays a huge role in Financial/Insurance Services since there are many operational requirements to comply with and managing the compliance of the systems supporting the business can be very time-consuming task. bluesource provides IDD, Solvency II, PRIIPs Regulation and the GDPR, compliance libraries and modules to help ensure the system run in a compliant and dependable way.