Captive infrastructure platform to integrate data tool
Carpe Data, an online data provider for insurers, has announced it is integrating its predictive business classification data tool into a captive insurance infrastructure platform.
The integration of its Minerva solution into Authentic will make it easier for small businesses to get coverage through captive insurers.
“Authentic is an emerging player empowering organisations outside of traditional insurance to launch hyper-tailored captive insurance programs,” Carpe Data said. “By integrating Carpe Data’s Minerva platform into its infrastructure tool, Authentic brings efficiency and automation to captive insurance while providing tailored coverage to specific small business markets, such as gyms, restaurants, retail stores, etc.”
Max Drucker, CEO, Carpe Data, said: “Underwriting SMB commercial insurance is time intensive because it’s complex — creating a vacuum in alternative distribution channels due to underwriting inefficiencies and low profit margins.
“Authentic is filling this void through its tech-forward, disruptive approach. Minerva sources hundreds of unique data points on businesses and uses a combination of AI and advanced data science techniques to extract relevant, accurate and predictive insights on these companies. This will help Authentic’s partners better classify and select commercial risks with greater speed and accuracy than traditional methods."
The Authentic platform will directly interface with Carpe Data's Minerva suite to source valuable insights from Minerva to enhance Authentic's policy system, facilitating a deeper understanding of businesses at quote, the company said.
“This collaboration represents an exciting leap forward in the world of commercial insurance underwriting,” said Cole Riccardi (pictured), CEO of Authentic. “By leveraging Carpe Data's Minerva suite, we can streamline our processes, automate underwriting tasks and deliver customised policies to specific communities and markets that have traditionally been challenging to underwrite.”
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