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Mutua Madrileña (Madrid) one of Spain’s largest general insurance companies, with over 13.5 million customers, has selected Diveplane’s (Raleigh, N.C.) flagship product GEMINAI to support its synthetic data strategy.
GEMINAI addresses the need for data to support pricing, creating risk models, and other tasks, while navigating strict regulations and privacy concerns when sharing and utilizing policyholder data. The technology creates a verifiable synthetic ‘twin’ dataset with the same statistical properties of the original data, but without including real-world confidential information, allowing the data to be applied widely while adhering to privacy regulations and protecting personal information, according to a Diveplane statement.
Alan Cross, Chief Commercial Officer, Diveplane.
“Diveplane’s relationship with the Mutua Madrileña team has continued to grow and flourish as they have validated the use of synthetic data for their specific use cases,” comments Alan Cross, Chief Commercial Officer, Diveplane. “It’s a tremendous honor for us to be chosen by such an icon in the insurance industry and we are excited to continue this partnership.”
Established in 1930, Mutua Madrileña offers coverage for automobiles, motorcycles, life, health, legal defense, home, death, assistance, subsidies, accidents, and investment funds. It also provides management services throughout Spain.
“After extensive trials testing this solution, we are excited to be implementing GEMINAI’s leading edge capabilities to ensure the trust and confidence of our customer’s data as Mutua Madrileña upholds the highest standards of data privacy,” comments a senior executive from Mutua Madrileña who declines to be named. “As we continue to work with the highly skilled team at Diveplane, we are confident this solution will support our customer strategy with our core values in mind.”