Carpe Data, a leading provider of predictive data for the insurance industry, is thrilled to announce a series of significant updates to its Minerva and ClaimsX product suites, which help carriers better predict risk and find fraud. These enhancements were unveiled at Carpe Data’s recent Data in Paradise event as part of the firm’s upcoming Spring ’24 release.
Flexibility and Ease-of-Use Critical to Addressing Adverse Selection
The latest updates to the Minerva suite introduce eight new enhancements that empower underwriters with deeper insights and more efficient tools to assess risk:
- NAICS 2.0: Industry-leading classification delivered in under a second, taking an observational approach to know what the business actually does before the quote is bound.
- Lessors Only Risk: Provides underwriters with a summary of all the tenant businesses at a single commercial property location, saving your team time and money.
- Loss Control Alerts: Uses LLM and GenAI to identify loss-prone behavior, saving money on unnecessary surveys when loss control is warranted.
- Business Anomaly Modeling: Identifies complex businesses by comparing their operations against 50 million others in their peer group, streamlining normal operations and freeing underwriters to focus on accounts that need a review.
- Loss Propensity Scores: A prebuilt, off-the-shelf model that predicts a business’s likelihood of experiencing a loss based on known loss outcomes.
- Business Trends: Gives underwriters all the knowledge of renewals at new business, providing a historical view of changes in a business’s operations and growth over time.
- The Carpe Risk Score: Aggregates all of these enhancements with Minerva’s core data to provide a single decision point that summarizes a business’s total risk into a single score, enabling underwriters to confidently rate, quote, and bind a policy in the very first phone call.
- Minerva UI: Brings the power of Minerva’s core product suite into an easy-to-use visual interface for underwriters to access when implementation opportunities are limited.
“Our latest enhancements to Minerva’s robust data store offer speed and simplicity to small commercial data that can’t be found elsewhere,” said Carpe Data Chief Product Officer, Scot Barton. “With the full weight of Minerva at their disposal, underwriters can confidently rate, quote, and bind a policy within the first few minutes of their very first interaction. Even as carriers grapple with ballooning adverse selection in their small commercial books, Carpe Data’s clients are largely insulated from the issue as a result of our partnership.”
Carpe Data is also expanding its flagship fraud detection solution, ClaimsX, with significant enhancements to data quality, diversity, and speed:
- Full Service Reports: Eliminates inefficient manual searches at a fraction of the cost of alternative online investigation services, providing adjusters and SIU with a comprehensive online view of a subject’s activity.
- Corroboration vs. Contradiction: Adds a layer of sophistication to custom automation workflows, allowing claims teams to more quickly validate legitimate claims while freeing up resources for claims that warrant a closer look.
- API 2.0: Integrates all ClaimsX insights into any claims platform seamlessly and securely.
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