LONDON--(BUSINESS WIRE)--Zurich has found a new ally in the fight against increasing claims costs. The insurer is now working with Carpe Data, a California-based company whose innovative use of alternative and emerging data provides Zurich with improved claims processing efficiency and a major advantage in fighting fraud.
Carpe Data’s innovative claims monitoring solution ‘ClaimsX’ gives Zurich the power to leverage publicly available web data for real-time assessment and automated decision making, from first notice of loss to settlement. Through ClaimsX’s highly predictive online content, Zurich proactively audits injury claimants and identifies cases where the claimant's profile is at odds with the claim presented. This not only stops fraud in its tracks, but also allows legitimate claims to be paid faster.
After a successful pilot in 2019, Zurich UK is now implementing the solution at scale in 2020. “Carpe Data is the latest addition to Zurich’s ongoing innovation programs focused on transforming the future of insurance,” said Zurich Head of Claims Fraud, Scott Clayton. “[Carpe Data] supports Zurich’s ongoing efforts to improve the claimant experience by expediting low-risk claims, and by providing new insights to help our people make informed, accurate, and timely decisions.”
“Data and technology play an integral role in catalysing change across the insurance industry, and Zurich recognizes that,” said Carpe Data COO and co-founder Geoff Andrews. “We’re excited to join forces with such a globally-minded and forward-thinking partner to streamline claims and bolster their fraud prevention efforts.”
Zurich in the UK
Zurich UK provides a suite of general insurance and life insurance products to retail and corporate customers. We supply personal, commercial and local authority insurance through a number of distribution channels, and offer a range of protection, retirement and savings policies available online and through financial intermediaries for the retail market and via employee benefit consultants for the corporate market. Based in a number of locations across the UK - with large sites in Birmingham, Farnborough, Glasgow, London, Swindon and Whiteley - Zurich employs approximately 4,500 people in the UK.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 215 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
About Carpe Data
Carpe Data harnesses the power of emerging and alternative data for insurance carriers around the globe with powerful, proven AI. Through access to continuous monitoring and predictive scoring, insurers gain deeper insight into risks in real-time and significantly enhance many aspects of the insurance life cycle including underwriting, claims, and book assessment. Based in Santa Barbara with employees across the US, UK, and Portugal, Carpe Data is committed to helping insurers achieve peak efficiency while supporting superior claims and underwriting experiences.