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Wenalyze, the insurtech firm that analyses open source data to drive insurers

We often have information before our eyes that we don’t know how to interpret, or where we don’t recognise its great potential to deliver value. In this era of mass use of data in which we are overloaded with messages, the startup Wenalyze has tasked itself with “turning the invisible into visible”. That is the motto on their platform for big data analytics, which seeks to exploit the data available to insurers as much as possible.

“The problem from the outset, which has been refined over time, is that it was paradoxical that, in the digital era, the insurance sector would disregard open sources of data as a large quarry of information for improving processes, subscriptions and pricing,” explains the co-founder and CEO of Wenalyze, Carlos Albo. For this reason, their platform feeds off open data online and carries out customer analysis to understand their risk profiles – personal, work, leisure, financial, lifestyle and personality traits.

The technology behind it “is the Wenalyze Analytics algorithm, based on big data, automatic learning and semantic analysis,” explains the CEO. Their clients are insurance companies, reinsurance companies and banks, who they help to discover new sales opportunities, to offer personalised products to their customers, to reduce fraud and to classify their SME clients and individuals according to risk.

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Where the insurance industry is concerned, Albo specifies the following use cases: “Improving the processes of subscription with predictive subscription to increase the capacity of insurers in the sale and make the buying process shorter and more fluid for the customer; improving the management of risks by monitoring the changes in risks in SMEs in real time; and keeping track of their evolution to adapt coverage to their specific needs”.

Working with data is intricate and you have to tread very carefully. But at Wenalyze they are experts: Albo has 15 years of experience in the insurance sector and, specifically, in data protection, and a significant amount of the professional experience of the rest of the Wenalyze team has developed in this field. “Not only is it part of our DNA, but when the platform was conceived, complying with the regulations was something that we considered from the design phase. In addition, not only is it based on European and Spanish regulations, but also on the ethical implications of the management of significant amounts of information,” details the CEO. For this reason, they maintain that Wenalyze is “GDPR ready”.

The insurtech firm is already working in Spain, Peru, the United States and Switzerland, and on their strategic horizon they have marked “consolidating our presence in Spain and at the international level, and growing to have a volume that allows us to be world leaders in our specialism”. To do this they have come to the insur_space by MAPFRE adoption programme, where they also hope to be able to address some of their challenges: “When a young company is growing at a rapid rate, every day you face different challenges. It’s important to make sure that the trees don’t stop us seeing the wood, to keep the team motivated, to look after our customers and to keep innovating”. 

 To watch the full interview, click here.