The veteran team behind Carpe Data has been working to innovate the insurance arena for over 15 years by utilizing proprietary technology with a special focus on consumer privacy best practices. Carpe Data is adept at providing next generation predictive scoring and data products to P&C and life insurance companies in order to lower their costs, enhance prediction, and enable new product innovation and development.
Carpe Data achieves this incredible feat of streamlining the data integration processes by employing patent-pending data science techniques that create predictive models, scores, claims fast tracking, and fraud detection. The availability of social media and online data provides P&C insurers with unique and powerful information that can enable enhanced pricing, payment plan offerings, and underwriting. Unfortunately, navigating which data is available for legal use and how to best maintain customer trust and experience is a real concern for most insurers.
Carpe Data’s predictive technology reduces fraud by providing real-time risk assessment during claims filing
Luckily, Carpe Data is well-versed in data safe practices and their proprietary technology allows insurers to safely funnel discoveries from Carpe Data’s unique data sources into the areas that need it most so that insurers can securely apply custom analytics and create risk-oriented insights.
Using Carpe Data’s patent-pending entity resolution technology, insurers can carefully unlock the power of the public domain to gain powerful insights into customers, leads, risks, and individuals of interest using customized algorithms. Their technology automatically scours the web and aggregates online and social media data to allow users to better understand their clientele and target the market in real-time. Also, according to Drucker, “The company’s predictive technology reduces fraud by providing real-time risk assessment during claims filing in order to determine the likelihood of fraudulent claims based on a claimant’s online presence. This enables insurers to avoid unnecessary investigations and route claims more effectively.” By leveraging next generation data to assess risk, Carpe Data’s solutions have delivered ROIs of up to ten times the initial investment and are more predictive and reliable than traditional alternatives.
In a fast-paced disruptive landscape, Carpe Data continues to pave the way for the evolution of the insurance world by harnessing the power of advanced technologies. Future offerings will build upon new next generation data sources to allow additional product innovation. Current and future clients can expect to see new offerings for better claims processing, improved ways to identify disability fraud, as well as superior products that enable commercial lines carriers to utilize alternative data for improved underwriting and pricing.