Synthetic data in insurance
Optimize market selection, underwriting, pricing, claims management, and AI performance while increasing the lifetime value of your customers with AI-generated synthetic data.
Why do you need synthetic data in insurance?
“We are at a point where we know a risk exists and count on people saying they don’t care about privacy. It’s insane.” - Dr. Yves-Alexandre de Montjoye
Insurance companies have always been among the most data-savvy innovators. No wonder, since the ability to calculate risk accurately makes or breaks an insurance provider. Looking ahead, companies need to adopt sophisticated AI and analytics across their operations while staying compliant with regulations and protecting their customers data. Synthetic data in insurance unlocks the vast amount of intelligence locked up in customer data in a safe and privacy-compliant way.
How can synthetic data in insurance help?
Synthetic data in insurance is a game-changer in all things data-driven. Synthetic data can improve the performance of your pricing and fraud detection models, improve accuracy and fairness in AI models and unlock data assets hidden by privacy regulations. Realistic synthetic test data can help you serve customers, brokers and advisors with great applications, tested to perfection with synthetic user stories identical to those in production.
Synthetic data: the fuel for AI in insurance
Data-centric insurance products
Accelerate product development with privacy-safe, shareable synthetic data assets.
Improve and accelerate modeling
Inject new domain knowledge into your modeling in compliant, privacy-safe ways, without the burden of bureaucracy.
Empower data science teams with AI-powered tools
Data augmentation capabilities, such as simulations, rebalancing and imputation for a granular, 360-degree customer view.
Increase the value of your analytics
Move from descriptive and diagnostic analytics to predictive and prescriptive analytics with the power of data simulations.
Related content to synthetic data for insurance
What's your synthetic data use case?
Get a free consultation