Carpe Data

Founded in 2016, Carpe Data is an Insurtech venture which provides predictive risk scoring by leveraging the social web, online content, email intelligence, connected devices, and other forms of advanced and alternative data. It also offers a classification system which offers enhanced classification categories for business activities, and a risk characteristics system which identify business attributes. On top of this, Carpe Data also offer a claims solution, which provides continuous search and analysis of web and social data to find actionable claimant insights to help with claims handling and investigation.

From this, the startup is able to provide underwriting and claim insight into small and micro businesses on a per-application basis, using data points that are pre-filled and validated through an API. Carpe Data can also monitor claimant data, finding actionable activity at a cheaper and more efficient rate than insurers.

Carpe Data aims to improve the efficiency of risk pricing and reduce likelihood of fraud, with plans to introduce life event tracking in the near future.

Their services are already used by over 40 insurers, including Allstate, which uses their predictive data to improve claims processing.

Carpe Data received $6.6m in Series A investment from Aquiline Technology Growth in May 2017.

In 2019, Carpe Data announced the launch of a new commercial dataset on more than 25m businesses for commercial lines insurers. The dataset aims to provide a new source for answering existing questions and evaluation new dimensions of risk.

In March 2020 Zurich announced it was partnering with Carpe Data, which would provide the corporate insurer with tools to improve claims efficiency and fraud protection. The pair had initially piloted Carpe Data's ClaimsX solution in 2019, and agreed to scale it across 2020.

In July 2020 Carpe Data announced a partnership with Farmers, helping to enhance its ability to identify, qualify and underwrite small businesses.

In November 2020, Carpe Data expanded its partnership with The Hanover Insurance Group. The pair initially deployed ClaimsX, a solution which leverages publicly-available web data for real-time assessment and decision-making, earlier this year, and are now expanding the solution to monitor open injury claims across more lines of business. The Hanover stated the group had seen 'measurable impact', and hope to see a continued reduction in fraud and an increase in efficiency moving forward.

In March 2023 the company announced a partnership with property risk intelligence company Betterview.   Carpe Data will provide Betterview with accurate location-based occupancy data about businesses across the country. Betterview will use Carpe Data’s Minerva, which provides predictive insights and risk assessment based on a business’s online presence. Carpe Data can offer insights into 40 million businesses.