Download PDF
Test Rigorously and Risk-Free with High-Quality Synthesized Data
Technology Category
- Analytics & Modeling - Data-as-a-Service
- Analytics & Modeling - Predictive Analytics
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Services
- Data Science Services
- System Integration
The Challenge
Rather than depending on a third party vendor, the customer sought to create its own scoring engine, and was looking for a robust solution that would support them in successfully deploying self-built, proprietary systems. Historically, such ambitions proved impossible to achieve due to the high volume of realistic profiles required. More importantly, the small number of manually-created profiles performed poorly when tested for new segmentation models. To safely deploy the engine, they would need to carry out extremely thorough testing on millions of representative customer profiles. The new engine would need to be properly tested against all possible scenarios, including scenarios that did not exist within the customer data - All that, without putting customer data at risk. Deploying the system without rigorous testing and validation would have resulted in downtime, reputational risk, and the potential for incorrect outputs on a large scale. To overcome such key challenges, the customer partnered with Synthesized, using our ML-driven synthesization engine.
About The Customer
The leading credit provider sought to create its own scoring model and firmly believed that it could drive further growth by increasing the accuracy of its customer segmentation. They saw the potential of Synthesized data in facilitating this powerful business transformation. With the Synthesized platform, they obtained immediate access to an unlimited volume of Synthesized data automatically created, compared to roughly ten hours by their closest competitor. The data remained up-to-date, fast, and simple to provision on-demand, with zero risk of exposing any sensitive customer information. They also benefited from comprehensive test coverage, including outliers and edge cases, and 1000+ simulated data scenarios for both functional and non-functional testing purposes.
The Solution
The customer was able to rigorously test its segmentation engine before launch, using high-quality, representative data generated by Synthesized, all with zero risk of exposing any sensitive customer information. Using the Synthesized DataOps platform, they were able to achieve reduced time needed to access data, with data automatically created within minutes, versus up to two days through the manual approach. This was faster than any other competitive solution, which took on average around ten hours. The data remained up-to-date, fast, and simple to provision on-demand. They also obtained millions of high-quality datasets, with a large volume of highly representative synthesized data mirroring the qualities and utility of the original dataset. This included comprehensive test coverage, outliers, and edge cases, with 1000+ simulated data scenarios for both functional and non-functional testing purposes. Additionally, the solution reduced organizational complexity by consolidating test data projects into one single platform synchronized with data sources, enhancing collaboration in the cloud among distributed teams.
Operational Impact
Quantitative Benefit
Related Case Studies.
Case Study
Real-time In-vehicle Monitoring
The telematic solution provides this vital premium-adjusting information. The solution also helps detect and deter vehicle or trailer theft – as soon as a theft occurs, monitoring personnel can alert the appropriate authorities, providing an exact location.“With more and more insurance companies and major fleet operators interested in monitoring driver behaviour on the grounds of road safety, efficient logistics and costs, the market for this type of device and associated e-business services is growing rapidly within Italy and the rest of Europe,” says Franco.“The insurance companies are especially interested in the pay-per-use and pay-as-you-drive applications while other organisations employ the technology for road user charging.”“One million vehicles in Italy currently carry such devices and forecasts indicate that the European market will increase tenfold by 2014.However, for our technology to work effectively, we needed a highly reliable wireless data network to carry the information between the vehicles and monitoring stations.”
Case Study
Safety First with Folksam
The competitiveness of the car insurance market is driving UBI growth as a means for insurance companies to differentiate their customer propositions as well as improving operational efficiency. An insurance model - usage-based insurance ("UBI") - offers possibilities for insurers to do more efficient market segmentation and accurate risk assessment and pricing. Insurers require an IoT solution for the purpose of data collection and performance analysis
Case Study
Smooth Transition to Energy Savings
The building was equipped with four end-of-life Trane water cooled chillers, located in the basement. Johnson Controls installed four York water cooled centrifugal chillers with unit mounted variable speed drives and a total installed cooling capacity of 6,8 MW. Each chiller has a capacity of 1,6 MW (variable to 1.9MW depending upon condenser water temperatures). Johnson Controls needed to design the equipment in such way that it would fit the dimensional constraints of the existing plant area and plant access route but also the specific performance requirements of the client. Morgan Stanley required the chiller plant to match the building load profile, turn down to match the low load requirement when needed and provide an improvement in the Energy Efficiency Ratio across the entire operating range. Other requirements were a reduction in the chiller noise level to improve the working environment in the plant room and a wide operating envelope coupled with intelligent controls to allow possible variation in both flow rate and temperature. The latter was needed to leverage increased capacity from a reduced number of machines during the different installation phases and allow future enhancement to a variable primary flow system.
Case Study
Automated Pallet Labeling Solution for SPR Packaging
SPR Packaging, an American supplier of packaging solutions, was in search of an automated pallet labeling solution that could meet their immediate and future needs. They aimed to equip their lines with automatic printer applicators, but also required a solution that could interface with their accounting software. The challenge was to find a system that could read a 2D code on pallets at the stretch wrapper, track the pallet, and flag any pallets with unread barcodes for inspection. The pallets could be single or double stacked, and the system needed to be able to differentiate between the two. SPR Packaging sought a system integrator with extensive experience in advanced printing and tracking solutions to provide a complete traceability system.
Case Study
Transforming insurance pricing while improving driver safety
The Internet of Things (IoT) is revolutionizing the car insurance industry on a scale not seen since the introduction of the car itself. For decades, premiums have been calculated using proxy-based risk assessment models and historical data. Today, a growing number of innovative companies such as Quebec-based Industrielle Alliance are moving to usage-based insurance (UBI) models, driven by the advancement of telematics technologies and smart tracking devices.
Case Study
MasterCard Improves Customer Experience Through Self-Service Data Prep
Derek Madison, Leader of Business Financial Support at MasterCard, oversees the validation of transactions and cash between two systems, whether they’re MasterCard owned or not. He was charged with identifying new ways to increase efficiency and improve MasterCard processes. At the outset, the 13-person team had to manually reconcile system interfaces using reports that resided on the company’s mainframe. Their first order of business each day was to print 20-30 individual, multi-page reports. Using a ruler to keep their place within each report, they would then hand-key the relevant data, line by line, into Excel for validation. “We’re talking about a task that took 40-80 hours each week,” recalls Madison, “As a growing company with rapidly expanding product offerings, we had to find a better way to prepare this data for analysis.”
