The Earnix Blog: Resources for Insurance and Banking Leaders

We will focus on some of the technical aspects behind the generation of Synthetic Data, present some detailed information as to its effectiveness in mimicking original data statistical properties, and present some interesting applications which go beyond replication of the original data.

Data is an invaluable asset in any business, but particularly in businesses such as insurance and banking, where the products are intangibles, instead of physical goods. Much of these businesses’ revenue, profitability and market share are driven by using data as a competitive weapon.

The overarching theme of the global consumer lending landscape over the past couple of years is focused mainly on one thing: How should lenders look at setting loan and lease pricing and managing portfolio risk in a market that is constantly changing?

To make a cake, you need to have specific ingredients: eggs, milk, flour, etc. The same applies to a model, you need to have variables such as age, tenure, and price.