Today, we can observe that insurance companies are getting better value from their business intelligence efforts thanks to a powerful solution provided by Cloverleaf Analytics. The powerful capabilities of the Cloverleaf solution assist insurance carriers in providing a higher quality of service to their policyholders and claimants than ever before. The insurance industry is recognizing the value of insights that can be gleaned from their data to better manage their insurance operations. The Cloverleaf Analytics solution is a modern solution that has taken full advantage of new technical improvements and break throughs that allow Cloverleaf to offer so much to the industry at a very affordable price.
Inexpensive data storage and processing power via the cloud combined with powerful tooling that is extended to address the challenges of getting clean data loaded from multiple sources and balanced in the data warehouse for analysis is now possible. What once took years and millions of dollars can now be done in a matter of a few months at a cost that is a fraction of what it once was. Combining this with out of the box analysis capabilities that focuses on standard operational analysis and reporting for each area of an insurer allows them to get up and running faster and begin extending the solution. Cloverleaf Analytics is a Business Intelligence company, which is well known for providing solutions exclusively to the Property and Casualty Insurance industry.
Focusing on this new dynamic market Cloverleaf Analytics can provide extremely high value and capability to insurance carriers. Cloverleaf’s industry-leading solution was adapted from the Accord Reference Framework data model which is an industry standard and includes analysis capabilities out of the box to address all operational, financial, and executive business areas within an insurance carrier or a Managing General Agency (MGA).
Cloverleaf Analytics has incorporated state of the art tooling to support industry-specific data movement and validation via its graphical rules engine and built-in code standardization processes. Additionally, they have incorporated the use of over 900 industry-specific metrics and 150 report views and dashboards out of the box. The solution is built to scale with a carrier’s needs with built-in tooling for big data analysis as well as data mashups.
About the Leader
Robert Clark is the CEO of Cloverleaf Analytics. He has been in the insurance industry on both the carrier side and the vendor side of the business for over 20 years. He knows the challenges faced by today’s insurance carriers and his extensive experience building and operating insurance specific business intelligence solutions that have prepared him to lead his latest company featuring the most comprehensive and advanced tooling and capabilities ever brought to the insurance market. Robert also listens to industry leaders and prospects concerns and challenges and helps identify solutions to these business issues through data enlightenment.
“The biggest asset that an insurance company has is the data and until recently they didn’t know how to get their hands on it and use it effectively. We are excited to work with insurance company executives, listen to their business challenges and show them how with our solution we can provide the information and knowledge to make effective decisions and run their operations with much more certainty than ever before and that is a very satisfying outcome for our team,” says Robert Clark about his journey in growing Cloverleaf Analytics.
The Extraordinary Journey towards Success
Robert Clark believes that the initial problems are similar to every early stage company. Robert says, “Raising and controlling the burn of cash while you build out your product and get the first couple of clients signed up. It is at that point that you can harden the product and make it industrial strength so you can more easily implement the solution for future clients. Once we had successful implementations and references of our initial clients, we were able to bring in another insurance industry executive with extensive experience and credibility both on the carrier side and the vendor side including sales and marketing. Adding this executive, Thomas Chesbrough, CPCU automatically gave the company more credibility and respect in the industry and at that point, more sales leads came our way and we are now on a very strong sales and growth path.”
Exclusive Strategies that Separates Cloverleaf Analytics from the Pack
Cloverleaf Analytics is constantly monitoring the industry to identify new technologies or new ways to use existing technologies better, as well as examining new information and data providers to see if any of their offerings could create an edge for one of its clients or prospects. The Cloverleaf Analytics team also attends industry conferences and walks the floors and talks with other technology and solution providers to gain insight from their varying perspectives. This collection of insights is used in building the roadmap for Cloverleaf Analytics solutions. The company has built the hooks and capabilities in to take advantage of market opportunities as they come available or when clients are ready to start using leading technologies that Cloverleaf Analytics has already incorporated into its solution.
Data Safety Precautions
First, Cloverleaf Analytics uses the highest level of private sector encryption available throughout their entire solution. The databases are encrypted. The database connections are encrypted with Cloverleaf Analytics’s application and the connection from the customer to their system is encrypted. Secondly, the software in the company’s business intelligence solution has been put through rigorous penetration tests by third parties to ensure that it’s secure.
Benefits Experienced by Clients from Different Sectors of Business
Cloverleaf Analytics clients are obtaining various and many benefits from the solution depending on their focus. The majority are looking to improve their bottom line through better underwriting of risks and insureds so that they are pricing the insurance at a rate that reflects the true risk and still at a competitive price. Additionally, they are trying to improve the operational performance of the Claims operation. Insurance customers are demanding better service from their insurance carrier and monitoring the operation more closely helps carriers improve service and make sure they are handling claims fairly. The use of information also helps insurers identify any fraudulent activity that might be going on within a specific claim.
Robert’s Advice for Young Entrepreneurs
“Stay focused and pick a niche that has substantial upward growth potential and don’t get distracted. Stay laser focused. Remember that cash flow is extremely important and be willing to work harder than you ever thought you could. That’s what it will take,” asserts Robert.
Future Roadmap of Cloverleaf Analytics
Cloverleaf Analytics plans to continue to roll out more analytical workbench capabilities and areas of analysis specifically for insurers. The company also will be expanding its use of machine learning capabilities and providing more information to augment a carrier’s dataset with data mashups and additional 3rd party solution providers to provide their clients more value and make Cloverleaf an “Evergreen” solution.