Insights

Farmers Insurance Engages Carpe Data to Identify New Growth in Business Insurance Lines

WOODLAND HILLS, Calif. (July 14, 2020) –Farmers Insurance® has begun working with Carpe Data, a leading provider of emerging and alternative data, to enhance and accelerate its ability to identify, qualify and underwrite small businesses to bolster its continued efforts to grow business insurance accounts across the U.S.

“The Business Insurance Group at Farmers® is committed to leveraging the latest technology and insights to provide Farmers exclusive agents with advanced tools and resources to help them meet the needs of today’s entrepreneurs,” said Sharon Fernandez, president of Business Insurance for Farmers. “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.”

Carpe Data sources unique data elements, leveraging natural language processing, artificial intelligence, machine-learning and the latest in data science to provide critical insights across the small business policy lifecycle.

“These are challenging times for business owners, who must adapt quickly to succeed or survive,” said Max Drucker, CEO of Carpe Data. “Access to new data will enable Farmers underwriters and agents to respond quickly to developing coverage needs or to address changes in a client’s risk profile at renewal.”

[Read the release from Farmers Insurance here]

 

About Farmers Insurance

“Farmers Insurance®” and “Farmers®” are tradenames for a group of insurers providing insurance for automobiles, homes and small businesses and a wide range of other insurance and financial services and products. Farmers Insurance is proud to serve more than 5 million households with over 15 million individual policies nationally, through the efforts of more than 45,000 exclusive and independent agents and approximately 19,000 employees. Farmers Insurance Exchange®, the largest of the three primary insurers that make up Farmers Insurance, is recognized as one of the largest U.S. companies on the 2020 Fortune 500 list.

For more information about Farmers Insurance, visit Farmers.com, Twitter and Instagram, @WeAreFarmers, or Facebook.com/FarmersInsurance.

About Carpe Data

Based in Santa Barbara, CA with more than 100 employees worldwide, Carpe Data is the next-generation data company for insurance, transforming emerging data into predictive and actionable insights that enable automation across the insurance lifecycle. Already well known for its claims automation technology, Carpe Data now provides small commercial insurers with advanced classification, risk characteristics, and predictive scores for more than 30 million businesses across the United States.

Carpe Data works with more than 40 insurance carriers across the US, Canada, and the UK. They completed a $6.6M round of Series A funding in May of 2017 followed by additional $17.3M in Series B in the past year. Learn more at carpe.io.

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