(Image credit: Roman Bozhko/Unsplash.)
Coterie Insurance (Cincinnati) has adopted Carpe Data’s Minerva platform to implement granular business classification data into its underwriting workflow to enable the insurer’s ability to accurately underwrite in seconds, according to a Carpe Data statement. Coterie characterizes itself in the market as a data-driven insurance disruptor boasting underwriting engine that can analyze large amounts of critical business data to produce bindable quotes within seconds. Carpe Data’s Minerva platform extracts relevant, accurate and predictive data elements associated with a given business.
David McFarland, Co-Founder and CEO, Coterie.
“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,” comments David McFarland, co-founder and CEO, Coterie.
Perfect Fit for 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,” McFarland continues. “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.”
Max Drucker, CEO, Carpe Data.
Carpe Data reports that it will equip Coterie with proprietary data on 85 to 90 percent 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,” the Carpe Data statement says.
“Coterie is spearheading a pivotal change in insurance, something we all are striving for, which is to remove as much friction as we can from the process of insurance underwriting, and to work smarter and faster by embracing developer-friendly APIs and alternative data,” comments Max Drucker, CEO and president of Carpe Data. “The landscape of information has changed and it is important for us as a business and an industry to remain creative and curious in an effort to utilize these new data sources and methods to drive automation and improve insurance outcomes and efficiencies. The data we provide is unique and additive to the insurance ecosystem and we are thrilled that Coterie chose Carpe Data for this next evolution of its business.”