Allstate Finds Fraud Faster with Innovative Data Company
November 28 2017 - 8:00AM
Allstate Insurance has a new ally in the fight against insurance
fraud. The insurer is now working with Carpe Data, a
California-based company whose innovative use of analytics will
allow Allstate to apply highly predictive online data to claims
processing.
Carpe Data’s fully automated data and predictive scoring
products allow insurance carriers like Allstate to leverage
valuable online information as a tool for risk assessment and
decision-making across their book of business.
In one recent example, a third-party claimant said they could
not work due to injuries from an accident. Carpe Data’s analysis of
public social media accounts found a video of the same claimant
rock climbing as well as photos of the person horseback riding
during the time they had said they were too injured to work. This
provided Allstate with more information about the claim and the
chance to potentially identify fraud faster and more effectively
than ever before.
“Allstate is always searching for better ways to leverage the
power of data to improve our claim process,” said Allstate [Chief
Claims Officer Glenn Shapiro]. “Carpe Data will help support
Allstate’s ongoing efforts to seamlessly integrate data to help our
people make the best, most accurate and timely decisions.”
In another example, the new tools helped Allstate corroborate a
valid claim and reduce the cost of a claim investigation. An
attorney for a third-party claimant stated an accident left their
client paralyzed, but did not offer any further detail. A social
media investigation found pictures of the claimant in a wheelchair,
which helped confirm the diagnosis and allowed the insurer to
expedite the claim to resolution.
In each scenario, Carpe Data helped Allstate more accurately
predict risk and provide better service while protecting the
company from potential fraud.
“Data and technology now play an increasingly important role in
driving change across the insurance industry,” said Carpe Data CEO
and co-founder Max Drucker. “We look forward to seeing even more
ways our collaboration with Allstate can evolve the sector as a
whole.”
The Allstate Corporation (NYSE:ALL) is the nation’s largest
publicly held personal lines insurer, protecting approximately 16
million households from life’s uncertainties through auto, home,
life and other insurance offered through its Allstate, Esurance,
Encompass and Answer Financial brand names. Allstate is widely
known through the slogan “You’re In Good Hands With Allstate®.” The
Allstate brand’s network of small businesses offers auto, home,
life and retirement products and services to customers in the
United States and Canada. In the 20 years since Allstate became a
fully independent public company, The Allstate Foundation,
Allstate, its employees and agency owners have donated more than
$405 million to support local communities.
About Carpe Data
Carpe Data provides next-generation predictive scoring and data
products to P&C and life insurance companies. Leveraging the
social web, online content, email intelligence, and other forms of
advanced and alternative data, Carpe Data’s products enable
insurers to more accurately predict risk and innovate with new
products to meet changing customer habits.
Headquartered in Santa Barbara, Calif., the team has deep roots
in software and insurance. Its founders have been working together
to innovate the insurance industry for more than 15 years. For more
information, visit the Carpe Data website at https://carpe.io/.
Contact:Justin
HerndonJustin.Herndon@allstate.com727-512-8314
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