Extracting ‘Gold’ From Data: Trufla Technology

A 2024 ICTA nomination

Toronto, ON (Jan. 29, 2024) – DataHub by Trufla is an innovative AI-driven platform designed specifically for the insurance industry to streamline data management and enhance analytical processes. Since its deployment after January 1, 2022, DataHub has been utilized by insurance brokers to gain comprehensive insights into their operations.

Key business uses include:

• Analyzing Retention Rates: Insurance brokers can monitor real-time data to understand client retention and identify trends that may affect business longevity.
• Predicting Policy Renewals: With the Retention AI X-Ray, brokers can predict which policies are at risk of non-renewal due to premium increases and take preemptive actions.
• Identifying E&O Risks: The Coverage X-Ray tool scans the book of business to pinpoint potential errors and omissions risks, aiding in proactive risk management.

The essential features that facilitate these uses are:

• Policy KPI Dashboard: Provides live insights into key performance metrics, enabling strategic decision-making.
• Retention AI X-Ray: Offers predictive capabilities to forecast policy renewals and customer retention.
• Coverage X-Ray (Launched November): Utilizes AI to detect areas of risk within policy coverages to prevent losses.

Business Value

The impact of DataHub on the business is significant, as evidenced by:

• Improved efficiency, with brokers reporting a reduction in time spent on data analysis by over 20%.
• Enhanced accuracy in risk assessment, leading to a more tailored insurance offering and customer service.
• A marked decrease in E&O claims, as potential issues are flagged before they can materialize into losses.

Quantifying these impacts, brokers have seen:

• Service times cut down significantly, allowing for faster customer service and policy processing.
• A measurable increase in policy renewals, with early adopters reporting up to a 3% improvement in retention rates for policies identified as at-risk by the AI.
• The proportion of automatically underwritten policies has surged from zero to a significant percentage, showcasing the platform’s ability to streamline the underwriting process.

About Trufla

Originating in the insurance sector, Trufla has expertly integrated real-world insurance knowledge with advanced AI technologies to design tools that revolutionize the distribution process. With a global client base exceeding 200, Trufla is committed to leveraging AI to empower distributors to thrive and expand in an increasingly digital world. Trufla’s innovative product suite includes an AI-driven customer self-service platform, comprehensive sales and customer management solutions, digital marketing strategies, and AI-fueled data insights. Boasting a diverse team of over 100 specialists in insurance, web development, AI, app development, and UI/UX, Trufla has rapidly emerged as a premier AI-centric insurTech provider in Canada, earning the title of 2022’s Best InsurTech Provider by Insurance Business Canada.

• Learn more about Trufla Technology in the InsurTech Spotlight.

For more information, visit www.trufla.com.

SOURCE: Trufla Technology Ltd.