Farmers engages Carpe Data to identify new opportunities
Farmers has begun working with Carpe Data , a 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. 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 for Farmers.
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. 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.” – Max Drucker, CEO of Carpe Data.