How Safely Monetized Their Claims Data and Empowered AI Innovation

Introduction

Safely, an innovative insure-tech company, had valuable data but faced challenges turning it into revenue. After a year of trying to monetize it internally without success, they teamed up with Tiki—and saw immediate results.

Through Tiki’s platform, Safely connected with an AI company specializing in insurance. Together, they transformed 20,000 raw claims documents into a 6-figure deal. This partnership demonstrates how Tiki simplified the process—from data preparation to ensuring compliance—helping Safely unlock a profitable new revenue stream.

The Problem: Why Safely Struggled

Safely, uniquely positioned in the insurance industry with access to valuable data, recognized the opportunity to unlock its potential but faced significant challenges along the way. Monetizing data required overcoming hurdles that many companies encounter, including navigating legal compliance, preparing data for external use, and finding the right buyers. As a result, they experienced the following obstacles:

• Missed Opportunities: A year-long internal effort to monetize data yielded no results.

• Complexities: Legal compliance, data preparation, and finding buyers were major roadblocks.

• Unrealized Potential: Safely’s investors believed in the value of their data, but the company lacked the means to bring it to market.

The Match: The Buyer’s Need for Claims Data

Through Tiki’s network, Safely connected with a buyer: an AI innovator in the insurance industry seeking data to refine their cutting-edge models. This connection not only highlighted the value of Safely’s data but also uncovered an opportunity to align their offerings with the buyer’s specific needs. By identifying the right use case, the partnership unlocked potential that had previously gone untapped:

• The Buyer’s Challenge: To train and test their AI models, they needed real-world claims data with fact patterns for validation.

• Safely’s Hidden Asset: While initially offering policy data, Safely realized they could meet the buyer’s need with claims data.

The Solution: How Tiki Made It Happen

Tiki delivered a comprehensive, end-to-end solution tailored to meet Safely’s needs and ensure a seamless process from start to finish. By managing the complexities of data preparation, compliance, and buyer engagement, Tiki unlocked new opportunities for Safely’s data. Here’s how it all came together:

• Trial Phase:
  Safely provided a small dataset for free, allowing the buyer to test its utility for AI training.

• Data Preparation:
  Tiki processed 20,000 raw claims documents, including:

  • Tokenized deidentification for privacy compliance.

  • Indexing and OCR (Optical Character Recognition) to create structured datasets.

  • Normalization for delivery at scale.

• Compliance & Legal Management:
  Tiki ensured full legal and regulatory compliance for proprietary data.

• Paid Pilot:
  A paid engagement to deliver structured claims data, with plans to expand into a continuous real-time data stream.

Why It Matters

This partnership demonstrates how Tiki bridges the gap between data providers and buyers, transforming raw, underutilized information into a tangible business asset. By leveraging Tiki’s expertise, companies like Safely can overcome the barriers to monetizing their data, creating meaningful and scalable outcomes:

1. Simplifying complex processes like compliance and data structuring.

2. Connecting providers with buyers who have specific needs.

3. Creating scalable revenue streams for data-rich companies.

Your data could be your next big revenue stream.

Tiki is an all-in-one service for transforming your raw data assets into legally monetizable data products. Use our platform to manage the entire lifecycle of licensing data—create and distribute data products, find and onboard buyers, manage trials, ensure compliance, and handle billing. Generate revenue from your existing assets without the complexity of building additional infrastructure or teams.