Digital Insurance Agenda

Carpe Data: Next Generation Data for Insurance

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jul 8, 2018

California based Carpe Data provides next generation data solutions to insurance companies by leveraging social media, online content, and other forms of alternative data. Utilizing Carpe Data’s data solutions, insurers gain deeper insight into risks and significantly enhance many aspects of the insurance life cycle, from prospect identification, intake, validation, underwriting, claims, and renewal to book, market, and product assessment.

Carpe Data works with Allstate and more than 40 other insurance carriers in the US, Canada, and the UK and they have several pilots with additional carriers underway.

The legacy processes of insurers are to assess risk at the point of underwriting or creating a policy, which is an antiquated idea, as we now live in age in which data is fluid and constantly changing. Online content, social media, and the wide realm of available alternative data gives insurers the ability to continuously assess risk in ways never before possible.  By accessing data relayed as a stream, insurance carriers can evaluate risks continuously over time to capture a more detailed and comprehensive insight into that risk and take appropriate action accordingly.  

Traditional forms of claims assessment can be slow, expensive, and reflect an inaccurate picture of claimant activity. Risks change in real time, making it even more difficult to find that “needle in the haystack” quickly, while adhering to ethical and legal boundaries and removing the specter of discrimination allegations. Accessing the new world of highly predictive online data provides insurers with a scalable way to uncover insights that have been too expensive or difficult to find, until now.

Since inception, Carpe Data has been a leader in defining the methodologies needed to ensure compliance with regulatory and privacy requirements within this new world of next generation data.  The company has the required infrastructure buildout to meet the rules of the GDPR.

How it works

Using next generation data at scale is not just beneficial but highly recommended. With actual use-cases, Carpe Data visualizes how non-traditional data sources beyond just social media are being leveraged as a tool for expediting claims processing, combatting fraud, and enhancing decision-making across an insurer’s entire claims portfolio.

Carpe Data enables insurance carriers to leverage publicly available web and social data at scale, identifying actionable, relevant activity which can be used to expedite claims processing and combat fraud, enhancing decision-making across an insurer’s entire claims portfolio.

Why we selected Carpe Data for the previous DIA Amsterdam edition
Carpe Data is the prime example of a company poised to facilitate the industry’s transformation to greater underwriting efficiency and the reduction of fraud. By using technologies like AI and big data to improve the insurance underwriting process, both carriers and consumers will benefit from its innovation and creativity.

Who is Carpe Data
Headquartered in Santa Barbara, California and founded in 2016, Carpe Data was founded by Max Drucker, CEO, and Geoffrey Andrews, COO, both with deep roots in software and insurance. Our founders have been working together to innovate the insurance industry for more than 15 years. In May of 2017, Carpe Data received $6.6 in Series A funding led by Aquiline Technology Growth, acquired Allstate as a customer in mid-2016, and launched into the international market in November.

“The omnipresence of the internet, combined with the spread of web, social, and other next generation data, has created an infinite source of new information for insurance carriers around the world to leverage.  Carpe Data is dedicated to providing legal and compliant innovative next generation data solutions to the insurance industry—solutions that deliver a high ROI and are impactful across the policy life cycle.” Geoff Andrews, COO and Co-Founder

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