Life, Auto, and Home Insurer Safeguards Data for Testing New Pricing Models

Protecting policyholders’ privacy while accelerating time-to-value for insurance data analytics

reduction in time-to-data
$4 million
saved in potential fines
compliance with data protection policies
Case Study Summary
A large insurance firm specializing in life, auto, and home insurance, collects a wealth of data that is critical for testing new insurance pricing models, developing risk assessment algorithms, and demonstrating predictive capabilities to stakeholders.

However, the utilization of this data posed significant challenges due to strict privacy regulations and internal policies.
The primary challenge was protecting the privacy of policyholders while adhering to the test data management best practices, ensuring that data used for testing, development, and demonstrations remained accurate and useful. The standard data masking solutions did not meet the firm’s requirements due to the re-identification risks and the loss of data utility.

Moreover, the firm grappled with time-consuming approval processes for insurance customer data sharing and processing across different jurisdictions, which greatly slowed its ability to innovate and deliver insights to stakeholders. Additionally, the looming risk of data breaches, enforcement actions, and reputational damage posed significant business threats.
To resolve the identified challenges, the insurer turned to Anonos’ data protection software, Data Embassy, and leveraged its Variant Twins technology.

A Variant Twin is a new asset derived from the original sensitive insurance data, revealing only the minimum identifying information necessary. This ensures 100% of the original data's accuracy and utility is maintained while staying compliant with data regulations. The result is a data asset that can be processed safely anywhere - on a local desktop or in the cloud. Each Variant Twin comprises only the data elements needed and authorized for a specific use or analysis.
An illustration demonstrating what Anonos Variant Twin is and how it safeguards sensitive customer data for various insurance data use cases.
Through Anonos Data Embassy, the company connected its desired source data, and the software transformed the selected data into a new asset based on pre-configured rules and automated workflows needed for development and testing purposes. These workflows determined what level of identifying information was revealed, to whom, and for what purpose. The resulting Variant Twins were ready for processing and analysis without violating insurance data privacy laws, security concerns, or other compliance requirements.
A diagram of Variant Twins technology, demonstrating the process of separating data value from personally-identifiable information through record-level dynamic pseudonymization to ensure insurance data privacy.
35% reduction in time-to-data By using Data Embassy, the insurer achieved a 35% reduction in time-to-data for their insurance data analytics projects, compared to traditional masking methods. The company could now swiftly test and develop new pricing models and risk algorithms without compromising data privacy. The accelerated speed helped improve prediction accuracy for claim forecasts and fraud detection.
$4 million saved in potential fines The inherent protection of Variant Twins substantially lowered the risk of data breaches, saving the firm over $4 million in potential fines and reputational damages.
100% compliance with data protection policies With the lawful ability to share and process Variant Twins across borders, the firm was able to demonstrate its capabilities to stakeholders confidently. This resulted in increased stakeholder confidence.
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