Finance and insurance

At NR, we apply statistical modelling, machine learning, and ICT to tackle the complex challenges faced by the financial and insurance industries. Our research drives innovation, efficiency, and resilience in areas such as risk assessment, credit scoring, real estate valuation, and regulatory compliance. Through close collaboration with clients and partners, we develop practical and impactful solutions that empower organisations to navigate uncertainty and make data-driven decisions.

Risk modelling, artificial intelligence and data security

We work across a broad range of applications, including risk modelling, time series analysis, portfolio optimisation, price prediction, anti-money laundering, and Explainable Artificial Intelligence (XAI). Our advanced statistical methods support decision-making, provide actionable insights, and contribute to financial stability.

Machine learning enhances credit scoring, real estate valuation and predictive accuracy, while our security and privacy assessments strengthen the resilience of financial systems, ensuring data protection and confidentiality across technologies and organisations.

Data security is foundational in finance and insurance. We conduct research and develop secure systems to protect sensitive information and meet standards for regulatory compliance.

Explainable artificial intelligence

Artificial intelligence plays a crucial role in the future of financial services, but explainability is critical to its adoption. XAI solutions help developers and end-users make sense of AI-driven results, contributing to fairness, accountability, and trust.

NR is at the international forefront on XAI research, with expertise in leading methods such as LIME, Shapley values, and counterfactual explanations. We have also developed eXplego, a decision tree toolkit that assists developers in selecting appropriate XAI methods for their projects.

Several of our clients already use explainable artificial intelligence to understand why AI methods produce the results they do and to ensure fair treatment of end users. We are always interested in connecting with new clients who need expertise in this field.

Data security and privacy

We research and develop methods for privacy protection and data security, focusing on confidentiality, integrity, and authenticity across systems, technologies, and organisations.

Our expertise spans multiple subject areas, including cryptography, ICT, and mathematics, allowing us to address complex security challenges. Through security and privacy assessments, as well as risk and vulnerability evaluations, we provide insights that support safer and more resilient financial and insurance systems.

We also collaborate with international partners to develop secure and decentralised data-sharing solutions, integrating blockchain, privacy-preserving analytics, and regulatory-compliant frameworks to enhance transparency and trust in financial data infrastructure.

Risk modelling and solvency solutions for insurance

We have longstanding collaborations with some of Norway’s largest insurance providers, including Sparebank1, DNB, and Fremtind, developing methodologies for solvency capital requirement (SCR) calculations under Solvency II. Solvency II is a regulatory framework established by the European Union (EU) designed to strengthen financial stability, protect consumers, and minimise losses in the insurance industry. Our software is widely used for financial reporting, risk assessment and improving stability and transparency in the sector.

Our research also covers areas such as risk premium estimation in non-life insurance, including modelling the correlation between climate factors and water damage in buildings for Gjensidige.

Additionally, we have developed models for customer churn prediction, anti-money laundering, insurance fraud detection and clickstream data analysis.

BigInsight

NR is the host of BigInsight, a centre for research-driven innovation funded by the Research Council of Norway and industry partners such as DNB and Gjensidige.

BigInsight applies advanced analytical methods to extract knowledge from complex data, delivering valuable insights and developing high-quality algorithms for practical use. Our research focuses on two key innovation areas: developing personalised solutions and predicting transient phenomena.

The centre serves as both a practical collaboration, delivering solutions for industry partners, and as an academic contributor, advancing statistics and machine learning through research and publications in international journals.

To learn more about our research in finance and insurance, please contact:

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