Carpe Data And EverPeak Partner To Streamline Underwriting

Digital transformation has made it possible for the trickiest and most important processes to be streamlined through dedicated software platforms.

These platforms help small and big, new and old businesses serve their customers better and faster, while bringing in accuracy and facilitating scalability.

From manufacturing technology to marketing technology, from cybersecurity technology to financial technology and more, a wide range of industries can leverage such platforms to accelerate their processes.

This is what EverPeak Insurance, a new workers’ compensation solution, is looking to achieve through its partnership with Carpe Data, a leading provider of predictive data for the insurance industry.

So, what did the two companies announce about their partnership and how will it help them? Let’s explore!
 

What Did Carpe Data And EverPeak Reveal About Their Partnership?

 

• Through a press release published on its website, Carpe Data announced that it has partnered with EverPeak Insurance to accelerate and streamline EverPeak’s underwriting process.

• EverPeak Insurance, which offers workers’ compensation solutions, is a newly formed venture by Pinnacol Assurance, a workers’ compensation provider with more than 100 years of service to Colorado's workforce.

• As such, the company is a Managing General Agency that acts as a bridge between businesses and insurance carriers to ensure they secure the appropriate workers’ compensation coverage.

• EverPeak was launched on May 13, 2024, and aims to providing workers’ compensation coverage across the United States.

• The services offered by Carpe Data will help boost EverPeak Insurance’s plan for national expansion by adopting Carpe Data’s Minerva platform.

• Carpe Data’s Minerva platform will bring EverPeak Insurance real-time access to a comprehensive database of more than 90% of insurable businesses nationwide, which will bring in immediate risk insights at the point of quote.

• The move will also facilitate accurate North American Industry Classification System (NAICS) codes, quickening the underwriting process.

• Carpe Data’s Minerva platform also comes with a massive data library and the power of advanced data analysis to produce actionable insights extracted from information relevant to workers’ compensation risk.

• Essentially, the Minerva platform streamlines the entire underwriting process and will allow EverPeak Insurance to make faster and more informed decisions for their partner carriers, leading to shorter turnaround times and faster scalability.

• “With Minerva, underwriters at EverPeak can focus their expertise on reviewing exceptions, rather than needing to assess every single policy application.”

 

What Did Carpe Data And EverPeak Executives Say?

 

• Vlad Stojanovic, COO of EverPeak Insurance, said, “As a Managing General Agency, our model thrives on swift, accurate risk assessment and pricing.”

• [Contd.] “This partnership is key to our growth strategy, particularly with our ‘no-touch, bind-or-decline’ service. It effectively powers our approvals and denials, reducing manual intervention.”

• Max Drucker, CEO of Carpe Data, said, “Part of our mission is to accelerate small business underwriting by providing powerful tools to underwriters to make their work easier.”

• [Contd.] “We’re thrilled to partner with EverPeak Insurance and empower them to strengthen their underwriting capabilities without adding strain on their employees. This will allow them to achieve their goals and continue offering best-in-class workers’ compensation insurance.”

Do you think this move will help EverPeak Insurance serve their customers better? Do you think the partnership will also encourage other businesses to partner with Carpe Data?

Let us know in the comments below!