SANTA BARBARA, Calif.--(BUSINESS WIRE)--Carpe Data, the next-generation online data provider for insurers, today announced Authentic will integrate Minerva, an emerging and predictive business classification data solution, into its disruptive captive insurance infrastructure tool. Authentic is an emerging player empowering organizations outside of traditional insurance to launch hyper-tailored captive insurance programs. 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.
"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,” said Max Drucker, CEO of Carpe Data. “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 integration will strengthen Authentic’s focus on increasing automation for niche insurers, aligning with its goal to streamline insurance process efficiency while improving insurance outcomes– all delivered natively to businesses within Authentic's network.
“This collaboration represents an exciting leap forward in the world of commercial insurance underwriting,” said Cole Riccardi, CEO of Authentic. “By leveraging Carpe Data's Minerva suite, we can streamline our processes, automate underwriting tasks and deliver customized policies to specific communities and markets that have traditionally been challenging to underwrite.”
About Carpe Data
Collaborating with insurance carriers to navigate the chaotic, ever-expanding data landscape, Carpe Data contextualizes online data bringing it into focus. They transform online information into predictive and actionable data, enabling automation and improving insurance outcomes across the policy lifecycle. Headquartered in Santa Barbara, CA, Carpe Data employees span the US, UK and Portugal with a commitment to helping insurers achieve peak efficiency. See how Carpe Data works to improve insurance outcomes at www.carpe.io or on our social channels for the latest information – LinkedIn, Facebook, and Instagram.
For more information, please visit https://carpe.io.
About Authentic
Authentic enables SaaS platforms, associations, and other communities to create their own captive insurance programs. Authentic's tech-enabled platform compresses the complexity of captive insurance and delivers benefits to small business groups. Authentic is based in New York, NY and Dayton, OH.
Learn more about Authentic at https://authenticinsurance.com
