Authentic Allies with Carpe Data to Deliver Hyper-Tailored Insurance Solutions

The enabler of custom captive insurance programs will integrate Carpe Data’s Minerva suite to deliver insurance solutions to underserved niche markets.

(Image credit: Miti/Unsplash.)

Authentic (Dayton, Ohio/New York), the creator of a platform that lets SaaS platforms, associations, and other communities to create their own captive insurance programs, will integrate Carpe Data’s (Santa Barbara, Calif.) Minerva suite.

Max Drucker, CEO, Carpe Data.

Authentic is an emerging player that enables 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., according to a statement from the two companies.

“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,” observes Max Drucker, CEO, 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 two companies report that 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 aims to strengthen Authentic’s focus on increasing automation for niche insurers, aligning with its goal of streamlining insurance process efficiency while improving insurance outcomes, all delivered natively to businesses within Authentic’s network.

Cole Riccardi, CEO, Authentic.

Delivering Customized Policies to Markets Historically Challenging to Underwrite

“This collaboration represents an exciting leap forward in the world of commercial insurance underwriting,” says Cole Riccardi, CEO, 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.”

“Minerva is a data set on small commercial risk, built from scratch, based on various disparate data that’s out there,” Drucker explained in a 2022 conversation with Insurance Innovation Reporter. “That includes the online presence of businesses, their social media presence, for the purpose of classifying that business, understanding where the risks are is in that business, and predicting insurance outcomes.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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