RALEIGH, NC / ACCESSWIRE / August 9, 2022 / Diveplane, the company keeping the humanity in artificial intelligence (AI), today announced Mutua Madrileña, one of Spain's leading general insurance companies, with over 13.5 million customers, has selected GEMINAI™, Diveplane's flagship product, to support its synthetic data strategy.
Like many, the insurance industry must navigate strict regulations and privacy concerns when sharing and utilizing policyholder data. This creates challenges as insurers determine risk models, price products, create policyholder standards, and even determine rare occurrences. GEMINAI™ 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.
"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," said Diveplane Chief Commercial Officer Alan Cross. "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 operates in the fields of automobiles, motorcycles, life, health, legal defense, home, death, assistance, subsidies, accidents, and investment funds. It also provides management services throughout the Spanish territory.
"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," said a Senior Executive from Mutua Madrileña "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."
"We are committed to the constant development of GEMINAI, and are confident in its ability to deliver the benefits that Mutua is looking for - creating twin, synthetic, data that is easily shareable and will enable the company to understand and better serve their customer base," said Mike Capps, Diveplane chief executive officer. "We are delighted to be working with this highly esteemed organization as we continue to expand our European presence and look forward to a long and productive relationship."
For more information about GEMINAI, as well as other innovative solutions from Diveplane, please visit www.diveplane.com.
About Diveplane
Founded in 2018 by Dr. Michael Capps and Dr. Chris Hazard, Diveplane keeps the humanity in artificial intelligence. The company develops technology that helps businesses and government organizations better understand and leverage the power of their data through AI tools that are trainable, interpretable and auditable. Diveplane is headquartered in Raleigh, North Carolina. For more information on Diveplane, please visit www.diveplane.com or follow the company on LinkedIn and Twitter.
About Mutua Madrileña
The Mutua Madrileña Group has a portfolio of more than 13.5 million policyholders and premium income of €5,526 million. The Mutua Group is a leader in non-Life insurance in Spain, the first in the health business, the second in the Automobile business and the third in total insurance, including Life and Non-Life. In the international arena, Grupo Mutua is present in Chile, through BCI Seguros, the leading general insurance company, and in Colombia, where it owns 45% of Seguros del Estado, which occupies the second position in the ranking of the general insurance market in Colombia.
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SOURCE: Diveplane