Saturday, June 15, 2024

Traffk: Defining the Modern Insurance Space

Ensuring protection for everything from homes to vehicles and devices from financial loss and other such risks is as old as the age of human civilization. Over time, it transformed into an industry with a fancy name—insurance. Today, the global insurance market is experiencing a technological shift. When insurance providers tap into the vast repositories of Big Data that is available to them and combine this data with machine learning and AI capabilities, they can develop new policies that can reach new audiences. As the digital age is also getting ready for a new shift, companies like Traffk—one of the emerging Insurtech leaders that is employing Big Data, machine learning, and AI—is accelerating this transformation of the insurance industry. “We are focused on incrementally using machine learning and AI to solve some very basic problems that are existing in the modern insurance industry today,” begins Paul Ford, CEO, Traffk.

Traffk is a cloud-based insurance platform utilizing data science and machine learning to design and distribute innovative, instant-issue life and health products. Traffk combines over four thousand robust data points with risk management analytics to significantly accelerate efficiency, profitability and growth for carriers, reinsurers, underwriters and distributors.The company offers a variety of industry-leading risk management services including proprietary alternative data sets, streamlining portfolio management and digital risk experience monitoring.“Insurance companies have a ton of data. Our goal is to use this data to create and design new innovative insurance products with our insurance carrier partners,” adds Ford.

As a “Data Driven Insurance Underwriting and Distribution Platform”, the goal of Traffk from its inception has been to comprehend the risk and modernize the insurance underwriting process by leveraging modern data and analytics tools and technologies.“We think that the right tools will help create a better experience for both insurers and the consumer, opening up insurance to a wider audience, and enabling more agent success in the future,” explains Ford.The company specializes in product development and distribution with partner insurers seeking to enter new markets via contracts commonly referred to as “paper deals” or “insurance paper contracts.” Moreover, their highly scalable cloud-based infrastructure besides both owned and partnered distribution allows for rapid design, development and deployment of bespoke insurance products.

Digital-first business models and emerging technology trends can reduce operational costs for insurance companies by preventing fraud and automating services, thereby freeing up insurance agents to acquire and maintain business. At Traffk, Data drives their product innovation.  The company’s AI-assisted data analysis identifies optimized risk opportunities others miss.  Whereas, the cloud-based sales platform enables agents and customers to transact paperless, instant-issue insurance products from quote to policy delivery in minutes. The company’s industry-leading data science capabilities, experienced team of insurance professionals and full stack eApplication and distribution platform result in average concept-to-market deployment timelines of less than 120 days.

Another offering from the company is their insurance optimized underwriting data and risk management platform that are carefully crafted to enable organizations to deploy data mining, analytics and rules automation. Their custom CRM, and cloud-based insurance solutions are what makes them stand out in the industry today.

With decades of insurance industry domain expertise, Traffk today has owned and partnered distribution encompasses 25,000+ agents. The team has also established relationships with many of the nation’s top reinsurance groups to structure mutually beneficial partnerships, implement AI-powered automations and accelerated or instant-issue underwriting strategies designed to scale.

Company:
Traffk

Management:
Paul Ford, CEO

Description:
Traffk is a cloud-based insurance platform utilizing data science and machine learning to design and distribute innovative life and health products

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