Carpe Data Enhances AI-Driven Fraud Detection in Property/Casualty Insurance

Carpe Data, a data innovator based in Santa Barbara, California, is advancing its property/casualty insurance fraud detection capabilities with a focus on speed, scale, and AI integration.

Scot Barton, Chief Product Officer, emphasizes the increasing challenges insurers face as AI tools empower fraudsters, prompting the need for rapid and scalable fraud detection solutions. Carpe Data’s platform identifies potentially fraudulent claims with an unbiased, automated approach, reducing reliance on manual reviews and subjective judgment.

The company recently launched an Investigative Reports product that supplements initial fraud alerts with detailed, on-demand reports. This two-tier approach enables insurers to efficiently investigate flagged claims further without disrupting operational workflows. Barton highlights that while AI enhances Carpe Data’s platform, the company maintains a cautious deployment strategy to ensure AI supports rather than replaces human decision-making.

Carpe Data’s approach encourages insurers to adopt comprehensive claim reviews using dynamic risk-based analysis automated by AI, which streamlines underwriting processes while mitigating the risk of selectively scrutinizing claims. Integration with Verisk facilitates easier adoption by claims teams, enabling swift activation of fraud alerts with minimal IT intervention. The platform’s ability to process large volumes of data benefits commercial insurers, especially in the fast-paced excess and surplus lines market where speed is critical.

Overall, Carpe Data’s innovations underscore the growing importance of AI-driven automation and predictive risk analysis in the property/casualty insurance sector. Their solutions target operational efficiency, regulatory compliance, and fraud mitigation by enhancing insurer capabilities to manage claims at scale without compromising accuracy or introducing bias. This positions insurers to better handle emerging challenges posed by evolving fraud tactics empowered by AI technology.