Earnix Highlights the Potential of Synthetic Data in Specialty Insurance
2024年5月24日 - 4:15AM
ビジネスワイヤ(英語)
White paper: Reshaping London’s Specialty Market - The Impact
of Technology and Data explores the transformative potential of
Synthetic Data, which accounts for 60% of data in 2024
Earnix, the leading global provider of AI-based SaaS solutions
for financial services, today releases a high-level report
highlighting the transformative potential of synthetic data to
accelerate profitable growth and risk understanding in the context
of the unique specialty London insurance market.
The white paper Reshaping London’s Specialty Market -The
Impact of Technology and Data highlights the pivotal role that
synthetic data - data that is produced, rather than gathered - will
play in the future success of the market.
While synthetic data has been utilized in academia for decades,
it's only recently gained traction in mainstream commercial
applications. According to Gartner, synthetic data accounted for
just 1% of data in 2021 but is projected to grow to 60% by 2024.
Technological advancements like generational adversarial networks,
transformers, and large language models have significantly
increased the speed and volume of synthetic data created.
At the same time, the increasing demand for data in specialty
insurance has prompted underwriters and brokers to begin harnessing
synthetic data to supplement existing datasets, improving risk
assessment efficiency. This is because synthetic data offers
solutions to several key challenges in the London Market:
- Filling Data Gaps: Specialty insurers can harness
synthetic data to access necessary data for product development and
testing without compromising security or customer privacy. This has
led to a surge in innovative ideas and technology deployment in
insurance.
- Privacy and Security: Synthetic data maintains
confidentiality while enabling critical analysis. In a world of
widespread data availability, synthetic data techniques are
essential to ensure customer data is not vulnerable to identity
theft or fraud.
- Analytical Support: Synthetic data supports more
accurate modeling, simulation, and testing, particularly in
assessing extreme or rare events crucial for the specialty market,
such as floods or hurricanes and fraud detection. Insurers can
simulate these events to develop robust risk models without waiting
for actual occurrences.
- Simulations, Stress Testing, and Data Expansion:
Generating synthetic data improves the performance of predictive
models, enhancing fraud detection and other analytical insights. It
allows insurers to simulate and stress-test models in new
situations, enabling them to introduce new products or expand into
new segments or territories with limited existing data.
Earnix CEO Robin Gilthorpe said:
“The digital transformation of the London market’s complex
specialty lines of business has only just begun. While it is a
market-wide and fundamental shift in the way specialty insurers and
reinsurers do business, it is not a one-size-fits-all solution.
However, synthetic data coupled with AI, machine learning, and
advanced analytics, holds promise for addressing various challenges
in specialty insurance, including data gaps, privacy and security
concerns, and fraud detection, among others.
Data plays a crucial role in revenue, profitability, and market
share- particularly in this complex market where insight at a
granular level can make a significant difference at a macro level.
Specialty brokers and insurers know that in this rapidly evolving
market, the ability to grow through change is paramount. Our white
paper underscores the pivotal role of synthetic data in reshaping
the London Market and outlines the next steps available to
specialty insurers to harness the unparalleled opportunities for
informed decision-making and enhanced operational efficiency.”
Download the report here.
For more information about Earnix, please visit
www.earnix.com.
About Earnix
Earnix is the premier provider of mission-critical, cloud-based
intelligent solutions across pricing, underwriting, rating, and
product personalization. These fully integrated solutions provide
ultra-fast ROI and are designed to transform how global insurers
and banks are run by unlocking value across all facets of the
business. Earnix has been innovating for insurers and banks since
2001, with customers in over 35 countries across six continents and
offices in the Americas, Europe, Asia Pacific, and Israel. For more
information please visit: earnix.com.
Contact Earnix via LinkedIn, X, and Facebook. Read the Earnix
blog.
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version on businesswire.com: https://www.businesswire.com/news/home/20240523060502/en/
Krystina Puleo Global Director of External Communications
press@earnix.com