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
Why do insurance companies need synthetic data?
“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.
How
How can synthetic data help insurance companies?
Synthetic data 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.
