Digital Insurance Agenda

Carpe Data, the leading provider of next generation data products to the insurance industry

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 19, 2017

Founded in 2016, Californian startup Carpe Data provides next generation predictive scoring and data products to P&C and life insurance companies. Leveraging the social web, online content, email intelligence, connected devices, and other forms of advanced and alternative data, Carpe Data’s products enable insurers to more accurately predict risk and innovate with new products to meet changing customer habits. 

Carpe Data’s offering is well-timed to meet the growing interest in real time, web and social data to assist in the underwriting and claims process, among other areas. Social media and online data gives P&C insurers powerful information previously unavailable. It therefore helps improved pricing, underwriting, payment plan offerings, and numerous additional areas. The compelling ROI for Carpe’s customers will drive broader market adoption of new sources of data, leading to more accurate predictions, lower costs and new product capabilities for insurers. Carpe Data’s technology, using proprietary datasets and algorithms, is proven at scale to be valuable across the entire insurance policy lifecycle. Its social network screening process is compliant with the Fair Credit Reporting Act. 

Assess risk with an entirely new lens & provide better coverage
The insurance industry is rapidly shifting to meet changing customer needs and behaviors. Carpe Data transformational data products enables carriers to assess risk with an entirely new lens. Carpe Data provides predictive scoring to support underwriting insurance for personal, auto, life, and even small and micro business that cannot be assessed using traditional commercial credit-based models. Risk scores are available for the 28 million small businesses in the USA like beauty & spa, auto repair, health & fitness, restaurants, and hotels. Here’s a sample commercial risk score for a retail business.

The technology even provides leverage to re-engage with and offer better coverage for customers because the system sends out real-time alerts on significant events within a client’s life like marriage, childbirth, job change or home purchase. Carpe Data leverages the “social web, online content, wearables, connected devices and other forms of next generation data.

Carpe Data’s unique data sources, gathered utilizing proprietary technology, allows carriers to:

·       Prefill underwriting and firmographic data;

·       Validate agent or insured data input;

·       Remove the need for supplemental underwriting questions by accessing discrete custom data points that are relevant to the carrier;

·       Generate predictive business risk scores.

Why we selected Carpe Data for DIA Munich
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, founded by Max Drucker (CEO) and Geoffrey R. Andrews (Chief Operating Officer).  Max and Geoffrey have been working together to innovate the insurance industry for more than 15 years. The whole Carpe Data team has deep roots in software and insurance.

In less than a year, Carpe Data has achieved success after success, from raising $6.6 million in Series A funding from Aquiline Technology Growth (ATG)* to a swiftly expanding list of clients and partnerships. Now seen as a leader in InsureTech, Carpe Data is focused on fine-tuning its existing products and forging new ones to better assist insurance companies increase productivity and profitability, while continuing to provide their customers with best-in-class service that meets the highest regulatory standards.

Speaker at DIA Munich:
Geoffrey R. Andrews, Co-founder & Chief Operating Officer

Website: www.carpe.io

Presenter 1: Geoffrey Andrews
Presenter 2: Sylvie Ramirez

Contact info: Jennifer St. James
Email: [email protected]
Telephone: +804 254 2536

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