NEW YORK & BERLIN--(BUSINESS WIRE)--Anonos, a global innovator in data privacy, security, and enablement, has been recognized in the 2023 Gartner® “Emerging Tech Impact Radar: Artificial Intelligence in Insurance” report for its synthetic tabular data capabilities.
According to Gartner, “AI is helping insurers solve immediate problems around automation of manual tasks, supporting digital channel interactions and faster identification of claims fraud. Longer term, AI can help drive strategic transformation such as new product innovation, dynamic customer engagement and panoptic personalization”.
Gartner's report analyzes emerging technologies and trends that are shaping the future of AI-enabled products and services in insurance. Designed to help product leaders make informed decisions, this report empowers providers with insights into the technologies that will impact their business success.
One of the emerging technologies spotlighted in this report is synthetic tabular data - artificially generated data that serves as a replacement for original sensitive data. Gartner anticipates that “By 2024, synthetic data generation capability will be expected in most ML and analytics platforms”.
Synthetic tabular data offers several key advantages, such as bridging data silos, ensuring privacy and regulatory compliance, and addressing issues like data scarcity and bias. In the insurance sector, synthetic data promises to overcome challenges like fragmented datasets across various business units and subsidiaries, enhancing model training and analytics projects.
“There is considerable benefit to train AI models for personal P&C lines or life insurance where privacy concerns from using PII may prohibit personal data being used in areas such as pricing — limiting model training and accuracy for insurers and for vendors targeting the insurance vertical, as well. The importance of PII data in insurance means that production data is frequently subject to legislation, and the ability to synthesize data can greatly extend capabilities for software testing”, says Gartner.
Recognized as a Sample Vendor in the report, Anonos exemplifies how synthetic tabular data can help transform data projects in the insurance industry.
Mark Little, Chief Data Strategist & Head of Engineering at Anonos, comments, “Having implemented synthetic data for use cases with large insurance companies such as Provinzial and Die Mobiliar, we believe that synthetic data holds enormous potential for enhancing business outcomes, elevating customer satisfaction, and adhering to the rigorous privacy standards in the insurance industry. These collaborations underscore our commitment to spearheading data-driven innovation and setting a new benchmark for responsible data use in insurance.”
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Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be constructed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
“Emerging Tech Impact Radar: Artificial Intelligence in Insurance”; Gartner, By Analyst(s): James Ingham, Kimberly Harris-Ferrante, Moutusi Sau; 2023
Anonos® is a data privacy and security innovator, providing enterprise software that mitigates risk and maximizes data utility and value. Its globally patented, award-winning Data Embassy® platform uses a unique combination of state-of-the-art data privacy tools to transform sensitive assets into Variant Twins®: non-identifiable, up to 100% accurate variations of source data engineered for specific use cases to support the desired business outcomes. Because precise technical controls are embedded within them and continuously enforced, Variant Twins can travel anywhere – across departments, outside the enterprise, and around the globe. With Data Embassy, organizations have full-spectrum, universal data protection to increase cloud utilization, improve cybersecurity, and power lawful analytics, artificial intelligence, machine learning, and data sharing initiatives for faster speed to insights. Anonos. Data without the drama. Learn more by visiting anonos.com or follow us on LinkedIn.