(Image credit: Adobe Stock.)
Social Intelligence, a Santa Barbara, Calif.-based provider of social media risk assessment tools and data, has announced the spin-off of its insurance predictive scoring and data offerings into a new independent business, Carpe Data. The new entity describes itself as a provider of next generation insurance data for P&C and life insurers across the policy lifecycle.
Carpe Data will address insurers’ ever growing-need to find predictive outcomes by leveraging data originating from the social web, online content, wearables, connected devices, and other next generation sources, according to a statement announcing the company’s debut. Carpe Data’s products will enable insurers to more accurately predict risks and innovate with new products, yielding to changing customer habits, the statement says.
“It is very exciting to bring this new category of data to insurers,” comments Max Drucker, CEO, Carpe Data. “The social web and other forms of next gen content are finally at critical mass providing compelling alternatives to costlier and less accurate traditional data products.”
The Opportunity of Next-Generation Data
Carpe Data explains its value proposition by contrasting its offering against insurers’ traditional reliance on legacy data sources such as credit scores, public records, proprietary databases, inspections, lab tests, and other forms of external information for risk assessment across the policy lifecycle with predictable impact. Unfortunately, many of these existing solutions have not kept up with changing consumer habits, particularly with millennials, and assessing risk accurately is only going to become more difficult as time progresses, a Carpe Data statement says.
Carpe Data characterizes its offering as representing an entirely new paradigm for risk assessment that leverages new datasets made available from the rise in dominance of digital channels impacting the insurance value chain, allowing insurers unprecedented visibility into new risks for current and future generations.
Carpe Data is not alone in its ambition to succeed in an insurance data market worth $17 billion, according to Deb Smallwood Founder, Strategy Meets Action (SMA). SMA’s latest research, tracking over 500 InsureTech startups finds that 16 percent are focused on data and analytics, offering new solutions to traditional insurance problems, such as data conversion, data aggregation, and integrated analytics, as well as solutions related to emerging technologies such as social intelligence, artificial intelligence and machine learning.
“Carpe Data, it is a great example of this next-gen data and analytics companies, though it differs from many in that its founders have enjoyed successes in the insurance industry and in the social media space, Smallwood comments. “It will be interesting to watch them along with the hundreds of other start up to see who creates traction and successes.”
Social Intelligence to Hold Course
The mission of Social Intelligence will remain unchanged, as the brand will continue to act as the a source for aggregating, analyzing, and distributing social data for employment background screening and corporate due diligence, according to the Carpe Data statement.
“We are very pleased that the spin-off with Carpe Data enables Social Intelligence to continue it’s commitment: Serving employers by providing compliant and accurate social media pre-employment screening reports,” comments Bianca Lager, General Manager, Social Intelligence. “As we continue to serve our existing client base, our focus is on our core markets in order to expand our products and enhance our increasing market share.”