Data processing has historically been a manual task requiring extensive human capital. However, one leading insurance company sought to depart from this norm to unlock high-speed product development and innovation in order to remain competitive. With 3000 datasets and more than a hundred data scientists employed, the company needed a high-tech solution that would enable them to accelerate product development and share structured datasets externally while maintaining data security.
Key challenges:
- Costly man-hour requirements. On average, 5 to 7 people are required to assist with data sharing and provisioning
- No consolidated environment for test and training data. Up to 48 hours is spent on refreshing test datasets shared with a partner organisation
- Limited data available for tests. Lack of data negatively impacts model accuracy and performance
- Long and cumbersome compliance process. Between 2 and 4 months is spent going through compliance approvals and data sharing agreements (DSA).
With the Synthesized platform, they were able to:
- Save 200 man-hours per project
- Dramatically reduce team size and touchpoints
- Mitigate legal and compliance risk (Privacy by design with no Data Sharing Agreement)
- Eliminate data storage access
- Gain immediate access to millions of highly-representative and safe-to-use test datasets
- Safely share data with third-party vendors for product development
