Santa Barbara, CA – November 14, 2023 07:00 AM Eastern Standard Time – Auto-Owners Insurance, one of the leading property and casualty insurers in the U.S., has selected Carpe Data, award-winning provider of small commercial data solutions, to enhance its underwriting workflow and revolutionize its approach to small business underwriting.
As part of the company’s continual pursuit of underwriting excellence and efficiency, Auto-Owners sought solutions to refine its appetite for straight-through-processing (STP) while maintaining balanced loss ratios.
To tackle these ambitious goals, the insurer turned to Carpe Data’s Minerva commercial data solution. Carpe Data’s Minerva business intelligence team worked with Auto-Owners to find ways to inject the current Auto-Owners underwriting processes with new data and illuminate key indicators of business strength and loss propensity, such as online customer rating and visibility indexes, evidence-based risk characteristics and classification insights, and aggregated scores that combine these attributes and more to drive business value.
“The forward-thinking team at Auto-Owners recognized the need to harness better sources of intelligent data that enable automation across their underwriting workflow and improve outcomes in the process,” said Max Drucker, CEO of Carpe Data. “It’s an honor to collaborate with Auto-Owners to build the tools and insights needed to achieve their efficiency goals.”
“Our partnership with Carpe Data will improve our underwriting processes, allowing us to make more informed decisions with greater speed and efficiency” said Chad Reyher, assistant vice president of commercial lines underwriting for Auto-Owners. “We are looking forward to seeing the results yielded and possibilities our collaboration presents in the coming months.”
About Carpe Data
Collaborating with insurance carriers to navigate the chaotic, ever-expanding data landscape, Carpe Data contextualizes online data, bringing it into focus. We transform online information into predictive and actionable data, enabling automation and improving insurance outcomes across the policy lifecycle. Headquartered in Santa Barbara, California, Carpe Data employees span the U.S., U.K. and Portugal with a commitment to helping insurers achieve peak efficiency.
Carpe Data’s Minerva is a purpose-built datastore of 45 million small business profiles sourced from online content via machine learning. Minerva delivers relevant, accurate, and predictive data to insurance carriers, allowing them to better classify and evaluate commercial businesses across industries. Minerva includes business characteristics, classifications, risk density, proximity scores, and NAICS indicators to support every stage of underwriting from quote prefill to classification, pricing, segmentation, and renewals. See how Carpe Data works to improve insurance outcomes at www.carpe.io.
Established in 1916 and headquartered in Lansing, Michigan, Auto-Owners Insurance has net written premium of nearly $11 billion. The company ranks 362nd on the Fortune 500 list. Auto-Owners sells its products through more than 50,000 licensed independent agents in its 26 operating states. The company has over 6 million auto, home, business and life insurance policies in force.