Advanced Federated Learning For Insurance Applications (ART/362CP) | ASTRI - Hong Kong Applied Science And Technology Research Institute Company Limited

Project Title:

Advanced Federated Learning for Insurance Applications (ART/362CP)

Project Reference:

ART/362CP

Project Type:

Platform

Project Period:

30 / 03 / 2023 - 30 / 06 / 2024

Funds Approved (HK$’000):

7,085.035

Project Coordinator:

Dr Arvin Wai-kai TANG

Deputy Project Coordinator:

Deliverable:

Research Group:

Sponsor:

Insurance Authority

Description:

Advanced Federated Learning for Insurance Applications (AFLIA) is a fintech approach to building a new insurance data insight platform which can provide additional insights from various sources of personal data for the insurance industry to create new products, e.g., personalized health premiums, unserved segments, etc., for Hong Kong citizens. The traditional approach based on data from policyholders could not create changes in the industry. The alternative data from other parties for health data usually reside in different service providers, such as the health industry and IoT devices and all of them involve privacy issues in sharing. The project aims to (1) publish a white paper with the IA for the insurance industry, (2) Build an insurance data insight platform to provide insurers with additional insights, which powers product innovation and facilitates financial inclusion for the insurance sector. The outcome of this project (1) Provides tools for insurers to power product innovation and facilitate financial inclusion in various segments (2) The advanced federated learning platform for confidential data will be the base for the insurance industry to serve various segments. (3) This project’s experiences and results can be shared with members of the International Association of Insurance Supervisors for international InsurTech development.

Co-Applicant:

Keywords:

More about ASTRI

Hong Kong Applied Science and Technology Research Institute (ASTRI) was founded by the Government of the Hong Kong Special Administrative Region in 2000 with the mission of enhancing Hong Kong’s competitiveness through applied research. ASTRI’s core R&D competence in various areas is grouped under five Technology Divisions: Advanced Electronic Components and Systems; Artificial Intelligence and Trust Technologies; Communications Technologies; Innovative Mind; and IoT Sensing and AI Technologies. It is applied across six core areas which are Smart City, Financial Technologies, New Industrialisation and Intelligent Manufacturing, Digital Health, Application Specific Integrated Circuits and Metaverse.

Over the years, ASTRI has nurtured a pool of research, I&T talents and received numerous international awards for its pioneering innovations as well as outstanding business and community contributions. As of 2023/24, ASTRI has transferred more than 1,500 technologies to the industry and has been granted over 1,100 patents in the Mainland, the US, and other countries.

As a Hong Kong R&D centre, one of ASTRI’s important goals is to help customers harness business opportunities from the thriving technology market and increase their competitive strengths. Customers and partners can improve their efficacy by drawing on ASTRI’s expertise and research achievements.