SANTA BARBARA, Calif., Oct. 4, 2016 /PRNewswire/ -- Social Intelligence, a leading provider of social media risk assessment tools and data, announced the spin-off of its insurance predictive scoring and data offerings into a new independent business, Carpe Data, a provider of next generation insurance data for P&C and life insurers across the policy lifecycle.
Operating in a $17 billion insurance data market, Carpe Data is addressing insurers' ever growing-need to find predictive outcomes by leveraging data originating from the social web, online content, wearables, connected devices, and other next generation sources. Carpe Data's products enable insurers to more accurately predict risks and innovate with new products, yielding to changing customer habits.
"It is very exciting to bring this new category of data to insurers," said Carpe Data CEO Max Drucker. "The social web and other forms of next gen content are finally at critical mass providing compelling alternatives to costlier and less accurate traditional data products."
New Data is The Big Deal
Traditionally, insurers have relied on legacy data sources such as credit scores, public records, proprietary databases, inspections, lab tests, and other forms of external information for risk assessment across the policy lifecycle with predictable impact. Unfortunately, many of these existing solutions have not kept up with changing consumer habits, particularly with millennials, and assessing risk accurately is only going to become more difficult as time progresses.
Carpe Data represents an entirely new paradigm for risk assessment that leverages new datasets made available from the rise in dominance of digital channels impacting the insurance value chain, allowing insurers unprecedented visibility into new risks for current and future generations.
For Social Intelligence, the mission remains unchanged, as the brand will continue to act as the go-to source for aggregating, analyzing, and distributing social data for employment background screening and corporate due diligence.
"We are very pleased that the spin-off with Carpe Data enables Social Intelligence to continue it's commitment: Serving employers by providing compliant and accurate social media pre-employment screening reports," said Bianca Lager, Social Intelligence General Manager. "As we continue to serve our existing client base, our focus is on our core markets in order to expand our products and enhance our increasing market share."
About Social Intelligence
Social Intelligence Corp. is the leading provider of social media background screening and risk assessment solutions. With innovative and legally compliant tools and technology, Social Intelligence's suite of products help companies make more informed hiring decisions, assess risk, and reduce costs. Visit www.socialintel.com for additional information.
About Carpe Data
Carpe Data is a next generation data company that provides predictive scoring and data products for insurers seeking a holistic view into each risk. Leveraging the social web, online content, wearables, connected devices, and other next generation sources; Carpe Data is introducing an entirely new category of data to the insurance industry. The startup is among top 23 insurtech startups recently selected from over 800 companies to participate in the Plug and Play Insurance Innovation Platform. Visit http://www.carpe.io for additional information.
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SOURCE Carpe Data