Leveraging new data sources can help insurance carriers significantly improve many aspects of their business and enhance automation throughout the entire insurance cycle, including in the claims process. Insurtech Carpe Data tells us more.
“There is a world of publicly available information that can be identified efficiently, and effectively provided to the carrier in real time,” said George Naftzinger, director, business development and strategy, Carpe Data.
Industry veteran Naftzinger will be delivering a keynote presentation alongside Ian McLeod, director, product–claims at Carpe Data, during the first-ever Claims Innovation Virtual Event organised by Intelligent Insurer.
The keynote will take place on Monday, October 26 (10:55am to 11:15am ET). Bryan Falchuk, managing partner of Insurance Evolution Partners, will moderate the session.
Naftzinger explained: “This data can be used to enhance the claims-handling process, improve the customer experience by reducing cycle time, create efficiency which helps control loss-adjusting cost, and support accurate loss cost assessment.”
While traditional data plays a key role for insurers, new and alternative data sources—such as social media and publicly available online data—can help provide a fuller picture during the claims process. These new, external data sources can augment a carrier’s existing data and modelling to shift from manual claim processes.
During the keynote, the Carpe Data executives will outline “new sources of publicly available data that can validate third-party identity, enrich data on the individual that may not be readily available, and provide ongoing updates of information potentially relevant to the claim”, Naftzinger added.
New data available to support the claims process includes the insured’s web presence, financial issues, interests, travel and much more.
Ultimately, said Naftzinger, these new data sources can “support no/low touch, more automated claims processes, as well as provide ongoing information to determine the proper claims-handling strategy”.
Founded in 2010, Carpe Data works with more than 40 insurance carriers across the US, Canada, and the UK.
“We are the leader in providing publicly available data to the industry for use in the claims process,” said Naftzinger.
In March this year, Zurich partnered with Carpe Data to improve its claims processing efficiency and obtain a major advantage in fighting fraud.
ClaimsX, Carpe Data’s claims monitoring solution, helps Zurich leverage publicly available web data for real-time assessment and automated decision-making. The solution also fights fraud—through ClaimsX’s predictive online content, Zurich can proactively audit injury claimants.
Since then, American insurers Farmers Insurance and The Hartford have allied themselves with Carpe Data.
According to Naftzinger, Carpe Data’s “proven ability to provide highly accurate, highly actionable data to assist the claims-handling process” is the main reason large insurers have partnered with it.
Carpe Data is taking part in the Claims Innovation Virtual Event: “To provide an opportunity for the industry to be aware of the new sources of data available, and possible use cases to show how the new data can benefit their organisations,” he added.
The virtual Claims Innovation conference, which was originally scheduled to be held in Miami, will be held across three days (October 26, 28, and 30) and feature over 30 speakers from across the insurance ecosystem, including personal lines, commercial lines, brokers, and new entrants. More than 1,000 attendees are expected throughout the week.
Carpe, data, insurance, Naftzinger, keynote, Insurtech, Zurich, virtual Claims Innovation conference, carriers