InsurTech Center

Synthetic data enables insurers to get more value from AI

Insurers should be at least experimenting with synthetic data, which can address a variety of AI challenges, by early 2022.

By Tobias Hann | December 24, 2021 at 12:00 AM

Since it lacks personal details, synthetic data can help insurers address a number of challenges including regulatory compliance and data-set bias. (Lia Kolyrina/Shutterstock)

Come 2022, 85% of algorithms will be erroneous due to bias, according to Gartner.

Most of the blame lies with the data sets used to train AI models, which often lack enough data representation for women, people of color and other minority groups.

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