Some news from the USA for you;
Carpe Data, a next-generation provider of innovative, emerging and alternative data for the insurance industry, has 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.
Learn more about how Carpe Data’s data-driven solutions help predict insurance outcomes and illuminate a deeper understanding of risk.
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