Insurance companies are under increasing pressure to process sensitive data securely and efficiently. Compliance concerns amid expanding regulations have resulted in new Confidential Computing initiatives to provide sensitive data protection while simultaneously supporting additional analytic priorities to drive business insights. Overall, confidential computing is a critical technology for the insurance industry. It can help insurers to comply with regulations, protect their customer’s privacy, and improve their efficiency.
- Data sharing across geographies and jurisdictions is increasingly restricted by regulations and compliance laws.
- Targeting new policyholders, reducing costs and managing risks requires effective analysis across large data sets and diverse sources.
- Effectively analyzing information while protecting, securing, and meeting compliance requirements for confidential data poses a significant hurdle.
- Data needs to be secure and protected against external and internal exploits while at rest, in transit, and during use.
The Opaque Solution
The Opaque Confidential Analytics and AI Platform enables the insurance industry to protect data at rest, in transit, and in use, preventing unauthorized access and delivering sturdy claims fraud protection.
Opaque also allows you to perform advanced analytics with AI directly on protected data while complying with all regulations. With Opaque, you benefit from valuable analytics that help detect fraudulent claims, assess risk, optimize insurance prices and underwriting, reduce costs, and acquire new policyholders.
Confidential computing is a game-changer for the insurance industry. It allows us to securely share and analyze sensitive data without compromising privacy, which is essential for improving fraud detection and prevention, and for developing new insurance products and services.
- Claims Fraud Detection
Opaque allows insurance companies to identify anomalies and suspicious transactions. Fraudulent claims can be detected before processing payment.
- Risk Assessment
You can use Opaque to analyze disparate data, including cross-border information, to assess the risk of doing business with a particular customer. It also empowers you to build advanced AI/ML models, capable of secure analysis across diverse data sources.
The Opaque Platform enables you to perform data evaluations to identify patterns in claims, policy loss exposure, and profitable customer profiles.
- Marketing and Sales
You can use confidential computing and analytics to better understand your target customers, craft the right messages to reach them, and increase sales.