Cloverleaf Analytics: Insurance Analytics and Business Intelligence Redefined

CIO VendorRobert C. Clark, President & CEO
Moving at a rapid pace, the insurance industry is stormed with a vast data deluge. As new technologies such as machine learning and predictive analytics penetrate into the marketplace, insurance companies are struggling to implement them to streamline their data in a way that enhances customer service and boosts productivity. However, these companies often have independent systems for claims, policies and more that are not interconnected. The data is scattered across all the systems posing a challenge of compiling and analyzing it. This has created sleepless nights for some of the CEOs in the industry to decide the best way for better analytics and move as quickly and nimbly as possible to keep up with the changing technologies. Cloverleaf Analytics brings the capability to consolidate data from disparate systems allowing insurance carriers to gain real-time insights on new trends to take proactive business decisions. “We are not a horizontal vendor, but an independent insurance specific provider with some of the best modern technology backing our solution that enables us to provide advanced analytics to get meaningful use of data quickly,” says Robert C. Clark, President and CEO of Cloverleaf Analytics.

Cloverleaf's BI solution exhibits the in-depth knowledge of its creators, who have an extensive background in the insurance industry. “Our knowledge has been built into the system so when it comes to defining client needs; we already know what they need for their line of business even before they tell us,” says Thomas Chesbrough, CPCU, EVP of Cloverleaf Analytics. This enables the company to focus on extracting the right data using validation rules to verify the information rather than having a generic look at the data. Cloverleaf ’s BI solution integrates with multiple core systems like claims, accounting, and policy administration systems to extract the data.

Thomas Chesbrough, CPCU, EVP
Once the client data is loaded into the solution, clients can immediately access all the metrics to analyze their data and view it in the form of interactive dashboards or detailed and summary reports. With built-in capabilities for insurance analytics, Cloverleaf's BI solution offers over 150 pre-built insurance specific reports and over 900 insurance specific KPI’s for some of the most advanced insurance analysis. The solution allows clients to gain insights into operational data, pricing, and retention analysis to get a clear picture of the present and future of their business to formulate suitable strategies. The company has built analytical capabilities that supply data reports based on each user's role from analysts to management executives. Additionally, clients can extend the system without any programming, allowing them to analyze the over 50 different supported lines of business to their unique business needs. “We are providing most of the capabilities upfront to the user without the need for having technologists or programmers to add any capabilities for them,” says Chesbrough.

Cloverleaf ’s analytics expertise has piqued the interest of numerous clients from the insurance industry. In one instance, a large specialty carrier subsidiary of a top 10 insurer— implemented the Cloverleaf BI solution and consolidated data from 23 different systems. Within three months, the solution was producing financial and management reports quickly and accurately. Similarly, Cloverleaf is helping many companies update their legacy systems with a complete and comprehensive analytics solution in a small time frame to continue their business operations smoothly.

Among its varied notable accomplishments, Cloverleaf ’s solution is the recommended BI solution for insurance companies by many of the insurance industry’s leading analysts. In keeping with the trend of innovation, the company is working closely with customers towards advancing its solution by incorporating latest technologies like ML and predictive analytics.