Fintech Top Voice: Interview with Tom Rasmussen, VP Product Claims at Carpe Data

Originally published by Financial Technology Insights on January 3, 2025.

Financial Technology Insights featured Tom Rasmussen, Vice President of Product for Claims at Carpe Data, in a detailed Q&A exploring insurance technology trends and predictions for 2025. Rasmussen brings nearly two decades of experience refining claims processes at carriers including Progressive and GEICO to his current role guiding product development and strategy.

Rasmussen addressed how insurers can balance innovation with ROI, cautioning that "surface-level adoption does not translate these investments into tangible gains." He emphasized that Carpe Data ensures solutions are built with insurance use cases in mind, delivering measurable ROI rather than innovation for its own sake. On alternative data's evolution, Rasmussen noted that online data has grown increasingly relevant as daily life shifts digital, enabling insurers to derive unique insights from publicly available content such as social media and Google reviews.

Discussing fraud detection transformation, Rasmussen highlighted that insurance fraud costs $308.6 billion annually in America, yet most insurers review only 5% of open claims for potential fraud. He explained that Carpe Data's Online Injury Alerts provide carriers with a complete picture across their entire book of business, with 7% of injury claims flagged for fraudulent or risky behavior and over 80% of those alerts proving actionable. He also addressed nuclear verdicts, which reached an all-time high in 2023 with a median value of $44 million.

On AI bias in sensitive industries, Rasmussen emphasized that AI must augment rather than replace humans, combining automation with human decision-making and empathy. He stated that AI models should provide "evidence-based alerts rather than abstract and nebulous assessments, " enabling adjusters to make informed decisions based on transparent facts. Rasmussen recommended measuring AI integration success through operational efficiency gains, noting adjusters typically spend 15-30 minutes per claim investigating fraud manually.

Read the full article at Financial Technology Insights.