Seize the data!

In this episode Nick discussed data with Max Drucker, co-founder and CEO of Carpe Data. We discussed what this revolution in data science means for insurance, both on the claims side and the underwriting side.

Insurance has approached risk selection and pricing in a predominately experienced based approach. "What is the loss history?" has been the driving foundation of our business model. But running a business with loss history is like driving on a road using only your rear & side view mirrors. Without a forward looking mechanism (your windshield!), you might be able to navigate some roads, but not all roads! This approach is by nature defensive; moving slow, playing it safe, because a wrong turn could lead you off a cliff. But with a windshield, the perspective of what you can do changes dramatically!

This is the promise of the data revolution! Combining the best of our collective actuarial science with forward looking models that will create better risk selection, better underwriting, better pricing and ultimately a better solution.

Connect:
Max Drucker (LinkedIn) - https://www.linkedin.com/in/maxdrucker/
Carpe Data (Homepage) - https://carpe.io/

Musical Credits:
Shadows by David Cutter Music:
https://davidcuttermusic.com
https://soundcloud.com/dcuttermusic
Free Download / Stream:
https://bit.ly/shadows-david-cutter
Music promoted by Audio Library:
https://youtu.be/qiBHOiEl9EI

Video Credits: Intro Stock Footage by Videvo