Cloverleaf Analytics announces partnership with Socotra
Cloverleaf Analytics announces partnership with Socotra | Insurance Business America
Technology
Cloverleaf Analytics announces partnership with Socotra
“This partnership will deliver value on multiple levels”
Technology
By
Steven Byerley
Insurance intelligence provider Cloverleaf Analytics has announced a partnership with Socotra, a provider of insurance IT solutions. The collaboration aims to bring together Socotra’s cloud-native core platform for insurers with Cloverleaf’s Insurance Intelligence platform.
By integrating the capabilities of both platforms, insurers and managing general agents will be able to leverage the speed and flexibility of Socotra’s Connected Core offering while gaining deeper insights into growth potential, profitability, customer relationships, and other critical data through Cloverleaf’s platform, the analytics company said.
“This partnership will deliver value on multiple levels, from technology innovation realized by carriers and MGAs between our platforms along with other partners in the Socotra ecosystem, to new revenue for both companies,” said Michael Schwabrow, executive vice president of sales and marketing for Cloverleaf Analytics. “Our alliance will empower carriers to inspect what they expect and realize the benefits of integrated intelligent digital insurance solutions faster than many insurance companies thought possible.”
The partnership will enable insurers to transition seamlessly from disparate data systems to Socotra, consolidating and validating the data through the Cloverleaf Insurance Intelligence platform. This will result in advanced self-service analytics and empower carriers to gain actionable insights faster than previously anticipated, Cloverleaf said.
In addition, the collaboration will benefit MGAs associated with a program carrier by providing them with a centralized platform to easily access and provide data for reporting purposes.
The Cloverleaf/Socotra Connector, which will facilitate the integration between the two platforms, is expected to be completed in early Q3 2023.
CURE Auto Insurance
In a separate announcement at the DigIn 2023 Conference, Cloverleaf Analytics announced that Citizens United Reciprocal Exchange (CURE) Auto Insurance has successfully implemented the Cloverleaf platform across its entire claims process for the carrier’s personal auto line of business.
CURE Auto Insurance, which operates in Michigan, New Jersey, and Pennsylvania, chose Cloverleaf due to its customizable data reporting capabilities and integration with Guidewire, Cloverleaf said.
The availability of real-time operational insights has enabled CURE to enhance claims risk assessment and fraud detection, resulting in improved customer satisfaction and increased efficiency.
OpenAI integration
At the conference, Cloverleaf Analytics also announced the integration of OpenAI GPT (generative pre-trained transformer) AI technology into its Insurance Intelligence platform. This advancement was revealed at the DigIn 2023 Conference in San Francisco.
Key features of the integration include:
Stronger data preparation: Cloverleaf leverages OpenAI to automatically develop SQL, DAX, and MDX code for more efficient data extraction queries
Data integration: New data profiling and quality tools utilizing AI help insurers identify and resolve data issues, ensuring improved data quality and accuracy
Advanced data science: The platform now automatically generates machine learning logic with Python and R code, simplifying critical insights extraction for non-technical users
Automated business models: ChatGPT assists insurers by building spreadsheet formulas upon request, making complex calculations simpler and more accessible
Streamlined publication development: OpenAI’s capabilities enable the creation of visually appealing images, graphics, and designs that support the presentation of insurance data
Robert Clark, founder and CEO of Cloverleaf Analytics, emphasized the company’s commitment to secure insurance intelligence that enhances products, customer service, and internal operations.
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