After approximately three years of successful cooperation, we proudly present the results of INFINITECH, a flagship project for Digital Finance and Insurance in Europe. This international project featured 42 partners from 16 countries under the EU H2020 umbrella and was coordinated by GFT Italy, a subsidiary of GFT Technologies SE with headquarter in Stuttgart, Germany. The project ran from October 2019 until March 2023. Its aim was to support organisations from the financial and insurance sector in their innovation process driven by Big Data, AI and IoT.
Our pilot and Key Exploitable Result – for the Agricultural Insurance sector
Together with our partner AgroApps from Greece we have piloted the application of state-of-the-art weather intelligence and portfolio monitoring for value chain innovation in Agricultural Insurance. Over the course of the project, the AgI Toolbox was further developed and applied for
– Configurable and personalized parametric insurance products design
– Digitalisation of contracts and automated contract management
– Continuous monitoring of contracted properties/parcels remotely
– Alerting about extreme weather phenomena that may impact the portfolio
– Performance of remote damage assessment and prioritisation of in-field inspections
– Analysis of climatology data to gain insight on past frequencies of weather phenomena
– Premium differentiation per customer
Please contact us and/or AgroApps for further information and a demo of the AgI Toolbox.
Further results from the INFINITECH project consortium
Primary outputs of the project:
– Open Book series “Big Data and Artificial Intelligence in Digital Finance”
– INFINITECH Marketplace, making available >148 assets, 90 third-party tools, hackathon results, whitepapers, webinars, how-to-videos, courses and workshops in a Digital Innovation Hub (VDIH)
o Novel Big Data/IoT technologies for seamless management and querying of all types of data interoperable data analytics, blockchain-based data sharing, real-time analytics, as well as libraries of advanced AI algorithms.
o Regulatory tools incorporating various data governance capabilities and facilitating compliance to regulations (e.g., PSD2, 4AMLD, MIFiD II).
o Novel and configurable testbeds & sandboxes, each one offering Open APIs and other resources for validating autonomous and personalized solutions, including a unique collection of data assets for finance/ insurance.
– more than 23 Key Exploitable Results (KERs), many of which are also published on IoT-catalogue. Some of the KERs are highlightedhere below:
o INFINITECH Way as a Service (IWaaS): provides a cost-effective service for fast prototyping of Data Driven/AI ML applications to medium-large organizations in the Finance Sector, competing with services provided by Azure, AWS and GCP. The service is based on a reference cloud IT infrastructure and is built with market leading methodologies, technologies, and the INFINITECH components to optimize the costs of applications development and deployment targeted to DATA intensive applications in the Financial Sector.
o AnonymiX: The anonymization tool modifies data to preserve privacy. It is especially indicated in those cases where a dataset contains personal data and it has to be outsourced or shared with a third party.
o Veesualive: a web-based framework for the visualisation of the aggregated results of analytic algorithms developed in the scope of the project, and more generally of all information of relevance
o Pay How You Drive: a service developed from and for the motor insurance industry utilising the drivers’ profiling and classification in order to adjust motor insurance premiums according to driving behaviour – based on new data collection software and AI-powered driving profile calculation model.
o Real World Data for Novel Health-Insurance products: Usage based insurance system, which leverages real-world from end-users to calculate risk premiums in healthcare insurance
o Alternative/automated insurance risk selection – product recommendation for SME: Personalised Insurance Product Recommendations for SME leveraging BigData analytics over datasets stemming from multiple sources (including alternative data)
Would you like to discover more about the results produced in the INFINITECH project and get networked? We encourage you to register on the Marketplace and browse through the available assets!
We thank all our partners, the project coordinator, the EU project officer and the reviewers for their collaboration in this successful project.