SANTA BARBARA, Calif.--(BUSINESS WIRE)--Carpe Data, a next-generation provider of innovative, emerging and alternative data for the insurance industry, today announced Coterie Insurance is now using the Minerva platform to implement granular business classification data into its underwriting workflow to enable the insurer’s ability to accurately underwrite in seconds.
Coterie is an insurance disruptor known for its industry-leading underwriting engine that can analyze large amounts of critical business data to produce bindable quotes within seconds. “We are leveraging Carpe Data’s breadth of detailed business classification data and sub-second response time to add a crucial layer of granularity to our underwriting system, making it faster, simpler and more reliable when analyzing classification, business operations, and general business performance,” said David McFarland, co-founder and CEO of Coterie.
“When looking into data vendors, we needed a provider that could match our response times and provide trusted data and deep insight into any potential risk,” said McFarland. “Carpe Data was the perfect fit. While we have rules in place for our underwriting engine to recommend classification, Carpe Data starts with filling in classification gaps, and then takes risk identification to the next level with valuable fields that typically an underwriter has to find through Google searches. The team at Carpe has assembled data that helps us secure the volume of customers at the speed needed to scale our business.”
Carpe Data will equip Coterie with proprietary data on 85% to 90% of insurable small businesses across all industries, providing hundreds of unique insights into over 40 million businesses. With access to other key data and indicators, proximity to risk, customer reviews, business description, new or updated business services and offerings, operating hours and more – Coterie can confidently identify the business and spot potential risks much faster than the industry standards, which traditionally could take days if not weeks.
“Coterie is spearheading a pivotal change in insurance, something we all are striving for, which is to remove as much friction as we can from the process of insurance underwriting, and to work smarter and faster by embracing developer-friendly APIs and alternative data,” said Max Drucker, CEO and president of Carpe Data. “The landscape of information has changed and it is important for us as a business and an industry to remain creative and curious in an effort to utilize these new data sources and methods to drive automation and improve insurance outcomes and efficiencies. The data we provide is unique and additive to the insurance ecosystem and we are thrilled that Coterie chose Carpe Data for this next evolution of its business.”
Learn more about how Carpe Data’s data-driven solutions help predict insurance outcomes and illuminate a deeper understanding of risk.
About Carpe Data
Carpe Data is the next-generation data company for insurance, transforming emerging data into predictive and actionable insights that enable automation and improve insurance outcomes across the policy lifecycle. Already well known for its claims automation technology, Carpe Data also provides small commercial insurers with advanced classification, risk characteristics, and predictive scores for more than 45 million businesses across the United States. Based in Santa Barbara, Carpe Data employs nearly 150 people across the US, UK, and Portugal who are committed to helping insurers achieve peak efficiency while supporting superior claims and underwriting experiences.
For more information, please visit https://carpe.io.
About Coterie Insurance
Coterie Insurance is revolutionizing small business insurance by enabling instant coverage. By sourcing publicly available data, Coterie's technology employs digital underwriting to enable a transparent and accurate quoting and binding process. Coterie arms agents, brokers, and partners with cutting-edge tools to get small businesses the coverages they need. With the most expansive appetite on the market, Coterie is dedicated to seeing the small businesses of today succeed. For more information about Coterie Insurance and the digital transformation of small business insurance, go to coterieinsurance.com.
