Emerging and alternative data provider Carpe Data has released a new commercial dataset for property and casualty insurers.
Carpe Data says the new platform provides P&C insurers access to a range of use cases that can be applied across the entire policy lifecycle via more accurate classification categories, an array of data points, and predictive scoring mechanisms of various business dimensions.
“With this launch, we’re delivering brand new data on more than 25 million businesses to commercial lines insurers,” said Carpe Data Chief Executive Officer Max Drucker.
“Insurance companies now have a powerful new source for answering existing questions, as well as for evaluating many dimensions of risk not previously available.”
Carpe Data says this new commercial data platform immediately improves the accuracy of any P&C insurer’s underwriting of coverages for small and mid-size commercial companies across numerous lines of business.
Available today, the platform automatically delivers these datasets, scores, and indexes via sub-second API integration directly to the underwriting insurer.
“The Carpe Data commercial dataset defines the rating factors of the future by providing real-time data which allows for faster and more accurate risk assessment,” Drucker added.
“Alerting insurers to changes in relevant data through triggers that continuously monitor new and emerging data sources represents a significant shift from static or point-in-time snapshots of information to an environment where insurers can achieve truly automated underwriting.”
