Data Democratization: Stories about data, AI and privacy
41. Synthetic data for impact: how to innovate in health insurance with Daniela Pak-Graf, Merkur Innovation Lab
Jun 1, 2023
Daniela Pak-Graf, managing director of Merkur Innovation Lab, shares tips for innovating in health insurance through effective data management and AI-powered synthetic data generation. Topics include innovation in the insurance industry, obtaining quality data for machine learning, benefits and challenges of synthetic data in health insurance, and using expertise in injuries and healthcare for personalized services.
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Quick takeaways
- Merkur Innovation Lab uses data analytics and predictive modeling to develop innovative use cases in health insurance, such as claims prediction and retention rate analysis.
- Synthetic data has played a significant role in MECO Innovation Lab's innovation efforts, enabling them to train machine learning models, comply with privacy regulations, and collaborate with third parties effectively.
Deep dives
Innovation in Healthcare and the Insurance Industry
MECO Innovation Lab, a subsidiary of MECO Insurance Group, is focused on innovation in the healthcare and insurance space. The lab aims to explore new possibilities for utilizing health insurance data beyond traditional calculations and cost analysis. By leveraging data analytics and predictive modeling, MECO Innovation Lab has successfully developed various use cases, including claims prediction, retention rate analysis, and focus group targeting for marketing strategies. The lab's innovative approach has had a significant impact on MECO's perception of data and its importance in driving business outcomes.
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