Build & Integrate
We allow insurance companies and institutions access to relevant data & insights to facilitate quick decision-making and administration of premiums using AI & Blockchain-enabled features built on OCEAN.
Grant Deliverable 1: Gather a database of open and public data records
Grant Deliverable 2: Develop a web crawler to analyse, fetch and extract unstructured data.
Grant Deliverable 3: Develop proprietary entity matching and verification algorithms.
Grant Deliverable 4: Third-party app integration to facilitate Geo and satellite location analysis
As the boundaries between the physical and digital worlds blur, it’s more important than ever to have a data-driven approach to insuring an intangible world, managing data insights & Improve Broker/Agent Relationships.
Today, Insurance fraud in the US alone, costs consumers at least $80 billion every year, according to The Coalition Against Insurance Fraud (CAIF).
Also, a number of information failures and fraudulent practices drive costs up, such as unrecognized drivers; underestimated mileage; violations/accidents; and, false garaging to lower premiums
Ultimately, the massive scope of the problem can mean the average U.S. family will pay an extra $400 and $700 per year in premiums.
At Traca, we are :
- Leveraging on proprietary open web data-mining capabilities and pulling from thousands of available sources to gathers all the data about a business entity and its operations in real-time.
- With our data oracles, we intend to transparently list these data sets on the blockchain via the Ocean market to first provide a transparent, easy-to-go single source of truth for all insurance data - both for businesses and individuals.
- With our picture annotation frameworks and processes, we intend to gather more data points by incorporating additional layers hidden under the surface. For example, some images include metadata that can tell you when the image was taken, the device it was taken on, where it was taken and more. By interpreting images and videos, our algorithms are able to detect specific risk-related elements within specific frames.
- It is our belief that our solution would Detect fraud activity and streamline claim adjudication in the insurance industry.
Traca is a dApp platform with two main stakeholders (Data Producers or Businesses and Data Consumers or Insurance companies), Four core Traca functionalities (Qwik Forms - for gathering data across the board, Traca Crawlers, Traca.AI and data annotations NFTs) and a Data Marketplace powered by Ocean Protocol.
- We want to encourage businesses to become data publishers to publish more assets on Ocean Protocol using data that is gathered on Qwik forms and the greater number of data gathered the more the availability of datasets to be analysed and the more this will drive data consumption volume.
- We have and are building a very strong team in terms of experience, hence we have a really good chance of making progress and achieving the milestones/deliverables set.
- We aim to become a top data authority for business insurance insights leveraging the OCEAN marketplace
- Besides building on OCEAN and selling certain data sets on the marketplace, we intend to help drive brand awareness on our website and all promotional assets relating to Ocean.
Sam Ohiehe Abu
Background: A financial analyst experienced in Data Science & Data Analytics. Skilled in Python, R, collaborative problem solving & issue management.
Minimum Funding Requested