Classify & Describe
Is it a bar? A bowling alley? Maybe both? Does Your Landscaper Climb Trees? Does Your Contractor Also Work on Plumbing?
Is it a bar? A bowling alley? Maybe both? Does Your Landscaper Climb Trees? Does Your Contractor Also Work on Plumbing?
Classify & Describe
Each business has its specialization and carries a unique level of potential risk. They are dynamic, and often expand and change as trends emerge and the market shifts. Traditionally, keeping pace with this change has been a time-consuming, expensive and manual process for underwriters. These challenges alone have resulted in small commercial insurers leaving millions on the table – every year. A solution was needed.
Minerva’s classify and describe products are the solution purpose-built for underwriters. Offering a more complete picture of a business, underwriters can now confidently assign NAICS, SIC or your unique codes, identify and analyze potential risk and so much more in seconds, not days. Applied independently or utilized together, Minerva will empower your insurance lifecycle strategy by driving automation and improving insurance outcomes.
HERE’S WHAT THOSE BENEFITS CAN LOOK LIKE FOR YOU
INCREASE CLASSIFICATION ACCURACY
Improvement in classification means your book better reflects your actual risk.
BETTER UNDERWRITING
Access to previously unleveraged information means more insightful underwriting and pricing.
ACCELERATED PROCESSING
Automatically validate applications to save time and money, while greatly improving the customer experience.
PREVENT ADVERSE SELECTION
Actively select for the businesses with attributes you want, and leave the rest behind.
STOP PREMIUM LEAKAGE
Never miss an opportunity to apply the right limits and coverages.
UPSELL/CROSS-SELL OPPORTUNITIES
Unlock opportunities to expand coverage by uncovering previously unknown business attributes.
Classify & Describe Product Elements
“Allstate is always searching for better ways to leverage the power of data to improve our claim process... Carpe Data helps support Allstate’s ongoing efforts to seamlessly integrate data to help our people make the best, most accurate and timely decisions.”
Glenn Shapiro, President
Personal Property-Liability
“By integrating new data elements from Carpe Data into our insurance programs for small businesses, we can better understand the challenges faced by business owners and identify options to address their commercial insurance needs.”
Sharon Fernandez
President of Business Insurance
"Carpe Data is the latest addition to Zurich’s ongoing innovation programs focused on transforming the future of insurance...[Carpe Data] supports Zurich’s ongoing efforts to improve the claimant experience by expediting low-risk claims, and by providing new insights to help our people make informed, accurate, and timely decisions."
Scott Clayton
Head of Claims Fraud, UK
"Carpe Data has been a great partner in helping us strengthen the claims handling process...ClaimsX helps [us] continue to meet our goals of increased efficiency, reduced potential fraud and improved customer experiences.”
Douglas L. Kratzer
Vice President, Claims
Other Carpe Data Products
By applying various filters we know impact insurance outcomes, Minerva distills our robust proprietary data into a suite of predictive and reliable indexes you can count on.
Using data to drive claims automation, ClaimsX unlocks operational efficiency across the claims lifecycle through decisioning, data enrichment and monitoring.
