Carpe Data
Carpe Data is an AI-powered data-as-a-service company that provides predictive scoring and online-data analytics products — ClaimsX for fraud detection and Minerva for commercial underwriting — to more than 40 property and casualty, life, and E&S insurance carriers across the US, Canada, and UK.
- Company typePrivate
- Founded2016
- HeadquartersSanta Barbara, United States
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What Carpe Data does
Carpe Data is a Santa Barbara, California-based data and analytics company founded in 2016 that builds AI-powered data products for the insurance industry. The company serves property and casualty (P&C), life, excess and surplus (E&S), and small commercial insurers across the United States, Canada, and the United Kingdom, with offices in the US, UK, and Portugal and a workforce of approximately 150 employees as of late 2022. Its platform ingests text, images, video, and structured data from social media, public websites, public records, and third-party sources, and applies machine learning, natural language processing, and data science to surface fraud indicators and business risk signals.
The product suite is split into two lines. Claims Solutions comprise ClaimsX and ClaimsX Ultra for early fraud detection, Online Injury Alerts for 24/7 injury-claim monitoring, and Investigative Reports that compile courtroom-ready evidence. Commercial Solutions center on the Minerva platform, which provides classification, risk characteristics, and predictive scores (including the Minerva Risk Score) covering 40+ million US businesses with hundreds of attributes each. Products are delivered both directly via a client portal and API and indirectly through OEM/embedded integrations with Verisk ClaimSearch, Duck Creek Technologies, Unqork, Betterview, and Harbor.ai, enabling carriers to receive signals inside their existing claims and underwriting workflows.
Carpe Data monetizes as a B2B data-as-a-service provider, charging insurance carriers on a quote-based, multi-year subscription or per-transaction basis for data returned in response to client queries, with no public pricing. It has raised $6.6M in Series A (May 2017, led by Aquiline Technology Growth), $21M in Series B (February 2019), and a growth investment from Thomas H. Lee Partners (April 2022). Customers include more than 40 named enterprise carriers — Allstate, Farmers Insurance, Zurich, The Hanover Insurance Group, The Hartford, Travelers, Auto-Owners, Coterie, EverPeak, and Hastings Direct among them. The go-to-market is enterprise field sales complemented by partner-led distribution.
Carpe Data firmographics
Firmographics- Name
- Carpe Data
- Legal name
- RIV DATA CORP.
- Website
- https://carpe.io
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Carpe Data is an AI-powered data-as-a-service company that provides predictive scoring and online-data analytics products — ClaimsX for fraud detection and Minerva for commercial underwriting — to more than 40 property and casualty, life, and E&S insurance carriers across the US, Canada, and UK.
- Ownership category
- akta.pro rank
Carpe Data industry classification
Industry- Product category
- Insurance Data Analytics
- NAICS
- Claims Adjusting (524291), Insurance Carriers and Related Activities (524)
- SIC
- Services-Detective, Guard & Armored Car Services (7381)
- akta.pro primary industry
- Fraud Investigations & Claims Support (Insurance/Financial) (BPAKAEAD)
Keywords
Where Carpe Data is headquartered
LocationHeadquarters
- HQ city
- Santa Barbara
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Carpe Data business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Data-as-a-Service (DaaS) for Insurance Carriers: Carpe Data sells information, including personal information, to its clients (insurance companies) in response to client requests. Upon receipt of a client request, Carpe Data searches for relevant information about the business or individual inquired upon using Internet websites, social media sites, and third party data sources. Carpe Data returns compiled information to the requesting client for a fee. The company also generates scores (or inferences) about individual consumers derived from publicly available website data and third party data.
- Platform Subscription / API Access: Clients access products via client portal and API. Usage involves ordering Online Injury Alerts and Investigative Reports on a per-transaction or subscription basis. Pricing is quote-based and varies by carrier volume and contract terms.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Enterprise B2B pricing - custom quotes based on carrier volume and contract terms |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Carpe Data product offering
Product offeringCore offering
Carpe Data provides AI-powered data products for P&C and life insurance carriers, focused on claims fraud detection and commercial underwriting intelligence. The company delivers two main product lines: Claims Solutions (ClaimsX, ClaimsX Ultra, Online Injury Alerts, and Investigative Reports) and Commercial Solutions (Minerva platform and Minerva Risk Score), enabling insurers to detect fraud, monitor injury claims in real time, and classify small business risk across 40+ million US businesses.
Product overview
Carpe Data is a next-generation data company for insurance offering two main product lines: Claims Solutions and Commercial Solutions. The Claims Solutions suite includes ClaimsX (with ClaimsX Ultra as the enhanced evolution), Online Injury Alerts for real-time injury claim monitoring, and Investigative Reports for deep-dive fraud investigations. The Commercial Solutions centered around Minerva provide small commercial underwriting intelligence including the Minerva Risk Score, business classification data, and predictive analytics for over 40 million US businesses. Products are available both directly via API/portal and through integrations with platforms like Verisk ClaimSearch, Duck Creek, Unqork, and Harbor.ai.
Differentiator
Problem solved
Functional benefit
Brands
- ClaimsX: AI-powered claims fraud detection platform providing Online Injury Alerts and Investigative Reports.
- ClaimsX Ultra
- Minerva
- Online Injury Alerts
- Investigative Reports
Products and services
- ClaimsX Claims automation platform providing automated decisioning, data enrichment, and real-time claims monitoring that enables insurance carriers to identify fraud earlier in the claims process through continuous online data analysis.
- ClaimsX Ultra Enhanced evolution of ClaimsX that uses AI-powered early fraud detection to uncover connections between parties and analyze vendor risk across all open insurance claims.
- Online Injury Alerts Real-time injury claim monitoring service that validates identity, confirms loss facts, and provides automated alerts when online activity contradicts the nature of the claim, with 24/7 fraud monitoring and no-noise filtering.
- Investigative Reports Deep-dive investigation reports with social connections, screenshots, and citations that export cleanly to existing claim systems as courtroom-ready evidence for legal proceedings.
- Minerva Commercial underwriting platform providing advanced classification, risk characteristics, and predictive scores for small businesses, enabling automated underwriting decisions and business risk assessment across 40+ million US businesses.
- Minerva Risk Score Predictive scoring system that evaluates small business risk using online data signals, business attributes, and operational characteristics, empowering insurers with speed and precision for risk evaluation.
Quantifiable outcome
- Top 10 insurer reclaimed $500,000 in fraud losses from a single claim
- +2 more outcomes
Companies that use Carpe Data
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles3 records
Carpe Data technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
AI capability10 records
Feature4 records
Carpe Data partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core.
- VeriskcoreCarpe Data integrated its injury claim insights (Online Injury Alerts, Investigative Reports) into Verisk's ClaimSearch platform, a leading claims intelligence network and fraud detection platform. The integration provides insurers instant access to Carpe Data's fraud detection tools with 24/7 monitoring and courtroom-ready evidence. Verisk's position as the cornerstone of the claims ecosystem enables Carpe Data to reach a broad carrier base with speed and confidence.
- Harbor.aicoreStrategic partnership to improve E&S insurance underwriting processes. Carpe Data contributes operational characteristics, location and index signals, and book-level monitoring that flags late-emerging exposures. Harbor.ai delivers these insights through its AI underwriting platform, reducing swivel-chair effort and enabling consistent, file-ready decisions. The partnership helps E&S carriers gain higher flow and cleaner pricing decisions.
- Hastings DirectcoreHastings Direct deepened its partnership with Carpe Data, increasing commitment to fighting insurance fraud with Carpe Data's claims solutions for enhanced processing efficiency, loss reduction, and customer outcomes.
- EverPeak InsurancecoreCarpe Data's Minerva Suite enables EverPeak Insurance to optimize their no-touch, bind or decline service as the company scales. Partnership streamlines and accelerates underwriting processes.
- Auto-Owners InsurancecoreAuto-Owners Insurance partnered with Carpe Data to streamline the underwriting process using Carpe Data's business classification and risk characteristic data.
- Duck Creek TechnologiescoreIntegration of Carpe Data's ClaimsX and Minerva products into Duck Creek's claims and underwriting platforms. Provides Duck Creek's customers with access to Carpe Data's actionable insights for reducing fraud, automating decision-making, improving pricing strategies, and making more informed underwriting and claims decisions.
- BetterviewcorePartnership to provide accurate location-based business occupancy data to P&C insurers. Carpe Data's Minerva solution enhances Betterview's platform with predictive insights based on a business's online presence. The occupancy data accelerates insurance workflows across the policy lifecycle.
- Coterie InsurancecoreCoterie Insurance uses the Minerva platform to implement granular business classification data into its underwriting workflow, enabling accurate underwriting in seconds. Carpe Data provides proprietary data on 85-90% of insurable small businesses across all industries, with hundreds of unique insights into over 40 million businesses.
- UnqorkcorePartnership to help P&C insurers drive speed, reduce fraud, and enhance accuracy for rate-quote-bind and claims solutions. Unqork taps into Carpe Data's Minerva and ClaimsX products, integrating them into Unqork's no-code enterprise platform so underwriters can make fast, accurate decisions without writing code.
- The HartfordcoreThe Hartford added Carpe Data to its market-leading Small Commercial platform to add new sources of data for reducing small business application processing time. Carpe Data's process is applied across small commercial to simplify the application process for agents and eliminate underwriting questions.
- Farmers InsurancecoreFarmers Insurance engaged Carpe Data to enhance its ability to identify, qualify, and underwrite small businesses. Carpe Data's data elements help Farmers better understand business owner challenges and identify options to address commercial insurance needs.
- Zurich InsurancecoreZurich partnered with Carpe Data to automate and accelerate claims processes and combat fraud using new data sources. Carpe Data's solutions help Zurich's claims teams work more efficiently and identify fraud faster.
Scale indicators6 records
Recent moves7 records
Expansion highlights6 records
Carpe Data competitors and assessment
Company assessmentDirect peers
- Shift Technology: Paris-based AI platform for insurance fraud detection and claims automation. Competes head-to-head with Carpe Data's ClaimsX suite at the same P&C carriers, addressing fraud, claims triage, and subrogation with similar AI techniques.
- Friss: Provider of AI-powered fraud detection and risk analytics for P&C insurers. Targets the same enterprise carrier buyers with claims fraud and underwriting intelligence products analogous to Carpe Data's ClaimsX and Minerva suites.
- CLARA Analytics: AI claims analytics platform serving workers' comp, commercial, and auto insurers. Overlaps with Carpe Data's claims monitoring and injury-claim analytics use cases, particularly in bodily injury and workers' comp.
Broad incumbents
- Verisk: Industry-defining claims intelligence and insurance analytics platform. Functions as both a key distribution partner (via ClaimSearch integration) and an indirect competitor across claims fraud, underwriting data, and specialty analytics.
- LexisNexis Risk Solutions: Large incumbent provider of insurance data, identity verification, fraud analytics, and claims intelligence. Competes with Carpe Data's fraud detection and commercial underwriting intelligence offerings as part of a much broader portfolio.
- CoreLogic (Cotality): Property data and analytics provider serving mortgage and P&C insurance markets. Overlaps with Carpe Data's commercial underwriting intelligence through property, location, and business-attribute data products.
- FICO: Provider of fraud detection, scoring, and decisioning analytics used across financial services and insurance. Overlaps with Carpe Data's risk-scoring and fraud-detection capabilities as part of a much broader enterprise analytics portfolio.
- Insurity: Insurance software platform provider serving P&C carriers with claims, underwriting, and analytics solutions. Competes indirectly with Carpe Data through integrated workflow software that increasingly bundles data analytics capabilities.
Emerging players
- Dataminr: Real-time event and risk detection platform analyzing public digital signals. Shares Carpe Data's 'continuous monitoring of public data sources' approach and increasingly targets insurance and corporate risk use cases.
- Socure: AI-driven identity verification and fraud prediction platform. While primarily focused on financial services, its identity-level risk signals are increasingly relevant to insurance onboarding and claims fraud workflows served by Carpe Data.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Carpe Data social profiles
Digital presenceCarpe Data compliance and trust
Trust signalCompliance1 record
Carpe Data financial estimates
Financial estimateRevenue estimate
Valuation estimate
Carpe Data leadership team
Management profileNumber of profiles
Profiles13 records
Carpe Data funding detail
Funding detailFunding overview
Funding rounds4 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Carpe Data M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Carpe Data
What does Carpe Data do?
Carpe Data provides AI-powered data products for P&C and life insurance carriers, focused on claims fraud detection and commercial underwriting intelligence. The company delivers two main product lines: Claims Solutions (ClaimsX, ClaimsX Ultra, Online Injury Alerts, and Investigative Reports) and Commercial Solutions (Minerva platform and Minerva Risk Score), enabling insurers to detect fraud, monitor injury claims in real time, and classify small business risk across 40+ million US businesses.
Is Carpe Data a public or private company?
Carpe Data is a private company. It is classified as private equity controlled and is currently operating.
When was Carpe Data founded?
Carpe Data was founded in 2016. It employs 101 to 250 people.
Where is Carpe Data based?
Carpe Data is headquartered in Santa Barbara, United States, in the North America region.
How does Carpe Data make money?
Two revenue lines are on record. Data-as-a-Service (DaaS) for Insurance Carriers are the primary driver. The others are platform Subscription / API Access.
Who are Carpe Data's main competitors?
Direct peers on record are Shift Technology, Friss and CLARA Analytics. Broad incumbents are Verisk, LexisNexis Risk Solutions, CoreLogic (Cotality), FICO and Insurity. Emerging players are Dataminr and Socure.
Does Carpe Data have an API?
Yes. Carpe Data offers an API for client access. The privacy policy mentions clients can access products 'via our client portal and via API.' Clients include Carpe Data data on businesses across the US in their systems. The API supports sub-second response times for data queries.
What industry is Carpe Data in?
Carpe Data's product category is Insurance Data Analytics. Its primary akta.pro industry code is BPAKAEAD, Fraud Investigations & Claims Support (Insurance/Financial). Its NAICS code is 524291 and its SIC code is 7381.