Carpe Data Launches New Commercial Data-as-a-Service Platform

First-of-its-kind dataset delivers powerful classification, risk characteristic information, and new scores and indexes that define the rating factors of the future.

Santa Barbara, CA , September 19, 2019 - Carpe Data, a provider of innovative emerging and alternative data products for the insurance industry, is pleased to announce the launch of a revolutionary new commercial dataset for property and casualty (P&C) insurance companies.

"With this launch, we're delivering brand new data on more than 25 million businesses to commercial lines insurers," said Max Drucker, CEO for Carpe Data. "Insurance companies now have a powerful new source for answering existing questions, as well as for evaluating many new dimensions of risk not previously available."

This Carpe Data platform launch provides P&C insurers access to a range of use cases that can be applied across the entire policy lifecycle via three distinct offerings:
The Carpe Data Classification System provides more accurate classification categories, enabling insurers to gain a clear sense of the specific activities the business actually conducts;
Risk Characteristics offers an array of data points that identify current attributes of a business; and
Next Generation Score and Indexes are predictive scoring mechanisms of various business dimensions made available by leveraging emerging and alternative data.

Available today, and already proven by the company's existing customers, Carpe Data's new commercial data platform immediately improves the accuracy of any P&C insurer's underwriting of coverages for small and mid-size commercial companies across numerous lines of business while enhancing opportunities for automation and efficiency by increasing straight-through processing (STP). Carpe Data automatically delivers these powerful datasets, scores, and indexes via sub-second API integration directly to the underwriting insurer.

"The Carpe Data commercial dataset defines the rating factors of the future by providing real-time data which allows for faster and more accurate risk assessment," said Drucker. "Alerting insurers to changes in relevant data through triggers that continuously monitor new and emerging data sources represents a significant shift from static or point-in-time snapshots of information to an environment where insurers can achieve truly automated underwriting."

Founded in 2010 by experts with a heritage in insurance technology, and now with more than 40 customers globally, Carpe Data utilizes artificial intelligence (AI) to monitor social and web data, as well as alternative sources of unstructured data such as shopping cart or online purchase information, user reviews, and more to provide far greater specificity to insurers underwriting commercial business than traditional sources.