Synthetic data for insurance providers

How insurance enterprises benefit

Modern technologies and technology-enabled business models are changing the way insurance providers operate. Safe, reliable, and efficient access to and usage of data underpins the success of  modern insurers, while machine learning and cloud computing offer unprecedented speed and scale. Statice enables this transformation, allowing stakeholders to create statistically representative, demonstrably private synthetic data. This means that enterprises can innovate faster, open new data-driven revenue streams, and safely collaborate with data. While personal data can be highly sensitive, it can also unlock high value. Statice enables insurance industry stakeholders to safely leverage sensitive data, saving time and unlocking new revenue streams.

Tailor products to your customers

Customer insights are key to developing personalized products and modern business models. GDPR and other privacy regulations make access to customer data both difficult and time consuming. Using Statice, you can create synthetic data which is highly representative, and safe to access and share, while remaining compliant to process for secondary use cases. By anonymizing customer data directly you add a strong safeguard for protecting your customers and enable quick and flexible data analysis - entirely compliant with modern data protection regulations. 

Enable the scalable use of cloud infrastructures

Compliance regulations often prohibit the use of cloud instances for data processing, which slows innovation and raises costs. Process synthetic data in cloud instances without ever putting sensitive data at risk and yet benefit from a scalable infrastructure. Privacy-preserving synthetic data enables the cost-efficient use of cloud resources for your company.

Reduce compliance costs

Compliance procedures and regulation throw up barriers to innovation and collaboration around data. Privacy-preserving synthetic data is generally compliant by design, and it’s use massively reduces time-to-data and decreases overhead. By anonymizing your data with Statice, you can speed up your data organization and reduce your organization’s compliance overhead.