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NAU21: Simplifying Insurance Claims through Blockchain Technology

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Rui Monteiro, CEO, NAU21Rui Monteiro, CEO
When the organisations of different verticals are valuing people’s time and simplifying their lives, the insurance industry remains quite far from the trend. Even the basic process of claiming health insurance is a laborious process, as the industry still depends on physical documents, leading to long response delays, inefficiencies, and higher exposure to errors or even fraud due to personnel intervention. There are simply no automatic methods to optimise processes. With this understanding, NAU21 comes to the forefront to simplify people’s lives in the insurance landscape. The company leverages blockchain technology to disrupt current insurance processes by automating negotiation and providing transparent benefits in terms of business. The company also leverages blockchain for differentiated communication, negotiation and access to auditable data, enhancing collaboration and generating added value, namely using technologies for knowledge extraction. This technology further provides a myriad of benefits, including fraud prevention, costs reduction, user experience enhancement and risk accuracy improvement.

To bring out the best for the insurance sector, NAU21 partners with technological research institutions and supports the joint implementation of smart contracts and artificial intelligence. Through this effort, the company brings in an efficient execution through distributed processing. NAU21 makes this change possible by focusing on three different services, namely, consulting, digital, and innovation. In the area of consulting, the company attracts its rich portfolio of clients through a distinct team of professionals and consultants with recognised business and technological market experience. These professionals heighten the consulting service of NAU21 by focusing on optimisation of the business process through the possible innovation and by defining and evaluating new products in the market. By means of digital service, the company provides web services through websites and digital applications, which remains an added value for the customers. And finally, in the area of innovation, NAU21 focuses on blockchain technology and artificial intelligence. “We make our services in perfect balance and union with blockchain innovation in areas such as insurance treaty management, one time insurance management, and group policies management,” remarks Rui Monteiro, CEO, NAU21. He mentions, through these services, NAU21 avoids any form of fraudulence taking place in the insurance industry. “One of our main objectives is the prevention or even the extinction of fraudulent occurrences that continuously affect insurance industry, and the achievement of a greater transparency in transactions within less operating costs,” says Monteiro.


We make our services in perfect balance and union with blockchain innovation in areas such as insurance treaty management, one time insurance management, and group policies management

Through these services, NAU21 achieves its specific goals such as the applicability of a digital mentality, so that the business processes of the companies obey the logic of fast changes, instantaneous answers, flexibility, and agility, with focus on the customer. And finally, it improves the company’s performance, makes it leaner, more efficient and productive, without ever losing its positioning and focus on its customers. The digital transformation is a strong challenge at the management level, much more than just marketing or technology.

To explain the ingenuity of using blockchain in the insurance sector, Monteiro sketches a scenario where an individual with a personal accident policy, wanting to make a claim, reaches the insurance organisation. At this situation, he is expected to fill a form that will be analysed internally by the organisation. This will be followed by some questions for additional information about the claim, based on which the person will be paid or refused. With the use of blockchain, NAU21 can create a network that connects the insurance organisation, the person who wants to claim a report, and the clinics and hospitals that provide healthcare with the insurance organisation. So, when a person with an insurance policy wants to make a claim, it can go automatically to the hospital, and he/she can do the required treatments. Thus, NAU21 has lived by its motto to simplify the lives of people.

NAU21, having been inspired by the bravery and determination of the 14th century Portuguese who built a special type of ship, Nau, to explore the unknown lands, makes the strategic choice in the 21st century to explore a very recent technology with very few references of use, except for bitcoin, blockchain, and apply that in the insurance sector. The company, having its mission as perfectly congruent to the legacy, is focused on delivering innovation to financial and insurance industries, discovering new ways and solutions to boost businesses, and researching disrupting methods to apply top-notch Blockchain technology. “Taking this untrodden path entails a huge challenge as more than sailing competitive seas, we are sailing unknown seas. On the other hand, our success will allow us to be at the forefront in the design and development of blockchain solutions,” states Monteiro.

While automating insurance processes to ensure fraud prevention, costs reduction and risk accuracy improvement, NAU21 constantly focuses on innovation, based on partnerships with technological entities. With such uniqueness, Monteiro mentions NAU21 aims to identify ways to improve, redo, and modernise customer process, even before they approach. He adds, “A combination of know-how and critical spirit grants us an advantage of identifying and solving problems, even when the clients have not yet realised their needs.” Displaying such uniqueness, NAU21 has planned its future to develop a platform that can bring blockchain and artificial intelligence together, while developing strategic partnerships in Europe and other regions of the world.

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Top 10 Insurtech Consulting/Services Companies - 2020
NAU21

Company
NAU21

Headquarters
Porto, Portugal

Management
Rui Monteiro, CEO

Description
NAU21 simplifies people’s lives in the insurance landscape by leveraging blockchain technology to disrupt current insurance processes, automate negotiation and provide transparent benefits in terms of business. The company also leverages blockchain for differentiated communication, negotiation and access to auditable data, enhancing collaboration and generating added value, namely using technologies for knowledge extraction. To bring out the best for the insurance sector, NAU21 partners with technological research institutions and supports the joint implementation of smart contracts and artificial intelligence. It brings in an efficient execution through distributed processing. NAU21 makes this change possible by focusing on three different services, namely, consulting, digital, and innovation