Case studies of utilizing synthetic data for predictive analytics
In this section, you will explore the huge opportunities brought by synthetic data to the field of predictive analytics. You will delve into three interesting case studies:
- Provinzial and synthetic data
- Healthcare benefits from synthetic data in predictive analytics
- Amazon fraud transaction prediction using synthetic data
Provinzial and synthetic data
Provinzial, one of the top insurance companies in Germany, always had many issues with the usability of real insurance data because of the many regulations that limit the usability of sensitive data for predictive analytics in a rapidly changing market, such as the insurance market. At the same time, they wanted to improve their services and the offers they make to their customers. To address these issues, they investigated using synthetic data and, indeed, trained their ML models using the generated synthetic data. The predictive analytics synthetic...
