The Earnix Blog: Resources for Insurance and Banking Leaders

With seemingly optimistic conditions ahead, 2024 could be the year insurers get back on track. As they do, we predict they’ll take advantage of the following trends and technology developments.

As 2023 fades from view and 2024 comes into focus, Reuven Shnaps, Earnix Chief Analytics Officer, takes a step back to assess where pricing, rating, and underwriting stand today, and where they may be headed.

In the bustling world of insurance, a quiet revolution is unfolding. It's not led by charismatic CEOs or flamboyant industry disruptors. Instead, it's powered by something far more enigmatic: machine learning (ML). But there's a catch – these oracles are often inscrutable, their predictions shrouded in mystery. This is where the concept of ML explainability enters the discussion, turning the spotlight on the inner workings of these digital soothsayers.

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.