Burger

Safeguarding Insurance Data for Testing New Pricing Models

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

GET A DEMO
Accelerating time-to-data
Reducing the risk of fines
Demonstrating compliance
Summary
Insurance firms collect a wealth of data that is critical for testing pricing models, developing risk assessment algorithms, and demonstrating predictive capabilities to stakeholders.

However, it is challenging to utilize this data due to privacy regulations and internal policies.
Challenge
The primary challenge is protecting the privacy of policyholders while ensuring that data used for testing, development, and demonstrations remains accurate and useful. The standard data masking solutions often do not meet the use case requirements due to the loss of data utility.

The time-consuming approval processes for insurance customer data sharing and processing slows down innovation. Additionally, the looming risk of data breaches, enforcement actions, and reputational damage poses significant business threats.
Solution
Anonos’ data-centric security platform, Data Embassy, leverages Variant Twins technology to resolve senstitive insurance data use challenges.

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.
Anonos Data Embassy transforms senstitve data into a new asset based on pre-configured rules and automated workflows specific to each particular use case. These workflows determine what level of identifying information can be revealed, to whom, and for what purpose. The resulting Variant Twins are ready for compliant processing and analysis.
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.
Results
Faster time-to-data By using Data Embassy, insurers achieve a significant reduction in time-to-data, compared to traditional masking methods.
Reducing the risk of fines The inherent protection of Variant Twins substantially lowers the risk of data breaches, saving millions in potential fines and reputational damages.
100% compliance with data protection policies With the lawful ability to share and process Variant Twins across borders and departments, insurers can demonstrate compliance.