Carpe Data CEO Max Drucker joined Nick Lamperelli on the most recent episode of the Coverager podcast. The episode, titled “Seize the Data,” covers the revolution of data science and its impact on underwriting and claims, the future of insuretech companies, and more!
Max and Nick’s conversation begins with a brief summary of the history of insurance and how data began to play a major role. Max discusses his experience being on the founding team of e-coverage, the world’s first online auto-insurance carrier, and how these early roles taught him how to bring new technology to insurance carriers. He gained initial exposure to big data for insurance and began developing an understanding of just how powerful and critical these data elements are to insurers. Max recognized early on that everybody in the insurance industry wanted to automate more and have greater consistency across the entire policy lifecycle.
Revolutionizing Insurance With Data
So how exactly does introducing data and automation to insurance transform how people approach underwriting and claims? Max explains this by discussing some of the experiences he has had with customers at Carpe Data. Those who are not using an automated solution are often doing their own manual searching, which can be extremely inconsistent, time consuming, and easy to miss valuable information that can help with a given claim. This is where Carpe Data comes in to play an important role in delivering a consistent approach with the use of data and automation. We are able to provide an outsourced automated solution that keeps people from spending hours manually searching and missing useful data.
This forward-looking mechanism and usage of data and automation have completely transformed how insuretech companies like Carpe Data enable insurers, and it’s only the beginning. Carriers are looking for new ways to provide insights to businesses, and they are continuously aiming to think more creatively about new elements that will help them segment data in different ways and stay on step ahead of their competition. Looking forward, Max and his team at Carpe Data are striving to think more creatively with a data-centric view, combining the best of our collective actuarial science with forward looking models to create better risk selection, better underwriting, better pricing, and ultimately a better solution.
Tune in to the Coverager podcast episode to learn more about how the new data revolution and automation have transformed the insurance industry, and how Carpe Data seizes that opportunity for insurers: