Carpe Data is an emerging and alternative data products provider for the insurance industry. The provider has launched ClaimsX which is a new Data-as-a-Service (DaaS) claims decisioning platform.
The platform uses data analytics along with AI to refine complex social, web, and publicly available data from unstructured sources which will thereby support automated claims decisions. Further, it aims to provide P&C insurers with monitoring capabilities which will aid in easy resolutions of low-risk claims and reduce end-to-end cycle times.
The platform delivers data enrichment in three ways:
- Access to actionable information, like claimant email and phone intelligence, employment and web presence, and vehicle information
- Allows insurers to follow injury claims throughout the entire lifecycle to confirm loss facts and identify possible exaggeration or fraud
- Also useful for other lines like Auto Physical Damage and Property to help track high-value property items and potential recovery opportunities
The platform automates every stage of the claims lifecycle and provides real-time insights via monitoring of injury claimants, repair facilities etc.
According to Max Drucker, CEO, Carpe Data: “The core premise of Carpe Data is to build data products to unlock operational efficiency and drive automation. ClaimsX pulls all the pieces of the claims process together by providing automated decisioning, data enrichment, and monitoring throughout the entire claims lifecycle, from FNOL to resolution.”