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Corporation
INTERNET | Internet Software & Services / Accounting & Finance
traffk.com

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Founded Year

2015

Stage

Incubator/Accelerator | Alive

About Traffk

Traffk offers a SaaS platform that enables an organization to deploy data mining, analytics and rules automation to manage risk, pricing and utilization. The company aims to modernize the insurance underwriting process with more accurate data insights and risk profiling that allows risk-bearing companies or health plans to manage profitability, risk, market growth, cross-lines sales, marketing and compliance.

Traffk Headquarter Location

652 Mateo Street Loft 202

Los Angeles, California, 90021,

United States

Latest Traffk News

Transforming The Insurance Industry With Big Data, Machine Learning, And AI

Jul 7, 2021

getty The business of ensuring protection from financial loss and mitigating risk is as old as human civilization. The Code of Hammurabi, King of Babylon, written in 1750-1755 B.C., specified the first provisions of what we would now know as marine insurance. In the wake of the Great Fire of London of 1666, Sir Christopher Wrenn included provisions for an “Insurance Office” in his new plan for the City of London. Today, the global insurance market is estimated to be a $5,050.31 billion industry, comprised of leading commercial life insurance, property and casualty, and health and medical insurance carriers. It is against this backdrop that an emerging wave of “Insurtech” solutions companies are seeking to transform the business of insurance through the introduction of Big Data, Machine Learning, and AI capabilities. In a recent Harvard Business Review article, Legacy Companies Need to Become More Data Driven — Fast , my co-author Ash Gupta and I, observed, “In contrast to traditional insurance companies, which have been data rich but have customarily relied on actuarial approaches, startup competitors like  Lemonade  and Traffk are employing machine learning analytics and drawing upon thousands of data elements to provide personalized analysis and drive insurance purchases.” 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. An April 2021 report published by GlobalData forecast that AI platform revenues within insurance would grow by 23% to $3.4 billion between 2019 and 2024. It was in this context that I recently spoke with Paul Ford, Co-Founder and CEO of Traffk — one of the emerging Insurtech leaders that is employing Big Data, machine learning, and AI to help transform the insurance industry. Billing itself 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. Paul Ford knows the insurance industry firsthand, having begun his career at Farmers Insurance before moving over to Aetna as a financial underwriter. It was while working at Aetna that Ford got his first glimpse of the future of insurance, when Aetna introduced the first consumer direct health plan (HSA). From there, Ford moved to Mercer, a unit of Marsh & McLennan, where he was engaged in the use of Big Data to transform practices that resulted in better pricing of health and wellness plans. Subsequently, Ford worked at Safeway Health on solutions to manage the escalating costs of insurance premiums, all of which led up to his launch in August 2015 of Traffk. Ford observes, “Most insurance companies don’t use a lot of data to create their products. They rely on demographic information that is 40 years old, and older. They are struggling to price policies correctly and many will miss out on huge financial opportunities because of this.”  A March 2021 report from McKinsey, “ Insurance 2030 – The Impact of AI on the future of insurance ”, projects that “AI and its related technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims. Advanced technologies and data are already affecting distribution and underwriting, with policies being priced, purchased, and bound in near real time.” MORE FOR YOU

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The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Expert Collections containing Traffk

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Traffk is included in 3 Expert Collections, including InsurTech.

I

InsurTech

1,630 items

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

F

Fintech

6,976 items

US-based companies

H

Health Plans & Benefits Management

693 items

Companies developing or offering digital platforms and services, including online insurance marketplaces, data analytics for claims adjustment, benefits administration, and payments systems, that help make private health insurance more affordable, navigable, or transparent.

Traffk Patents

Traffk has filed 1 patent.

The 3 most popular patent topics include:

  • Actuarial science
  • Insurance
  • Loans
patents chart

Application Date

Grant Date

Title

Related Topics

Status

4/5/2019

Actuarial science, Loans, Underwriting, Mortgage, Insurance

Application

Application Date

4/5/2019

Grant Date

Title

Related Topics

Actuarial science, Loans, Underwriting, Mortgage, Insurance

Status

Application

Traffk Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
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Traffk Rank

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