Cloverleaf Analytics
Moving Insurers into the Analytics Age

A wave of new technology has embraced the financial services sector, prompting insurance companies both large and small to move toward a fully digital environment. However, insurers have lagged in adopting innovative business intelligence and analytics solutions to achieve more efficient business growth. Disparate systems with large amounts of data on policyholders, claims, underwriting, and sales make it challenging to understand how companies are performing in their specific market, and the steps they can take to stay relevant in an evolving insurance landscape. Cloverleaf Analytics, an Austin, TX-based business intelligence technology firm, offers a suite of technology tools insurers can quickly implement to gain valuable insight into their business.

Robert Clark, President and CEO, Cloverleaf Analytics, explains, “With our insurance business intelligence solution, insurance companies have the ability to understand which customers are the most profitable, and they can tailor their marketing efforts to that demographic.” By collating data from social media sites, census bureau data, and other demographic information with the valuable data insurance companies already have in their legacy systems, Cloverleaf Analytics’ clients have the ability to hone in on their most fruitful markets and gear sales and advertising campaigns toward those customers.

One aspect of the business intelligence tools offered by the company that makes it stand out is the ease with which the solution can be implemented. Cloverleaf Analytics provides a small install program which sets up the analytics tool for the insurer with a simple click. Clark states, “There is no need for anyone at the company to have big data knowledge or development skills. On the front end, they simply run queries through the user interface, and we manage the backend big data and analytics technologies.” Through drag and drop worksheets, the connection between various data sources becomes seamless—providing high-speed loading and analysis. Information can be configured to display dynamic heat maps, policy concentrations, trend analyses, and progress toward target numbers specific to the company’s business model. Additionally, insurance companies can add new attributes to the system without having to program or code. “The data publishing capabilities of Cloverleaf Analytics offer near real-time insight into operations delivered through intuitive visualizations—ensuring a streamlined experience,” he adds.

The data publishing capabilities of Cloverleaf Analytics offer near real-time insight into operations delivered through intuitive visualizations—ensuring a streamlined experience

A recent success story with Georgia Farm Bureau Insurance provides a glimpse into what Cloverleaf Analytics can empower its clients with. The insurance company needed to consolidate various systems into a single location to get a better handle on the massive amount of data they had on their business. As they went through a policy administration system upgrade, Cloverleaf Analytics was used to prove out and validate the data as it was being migrated. In several cases Cloverleaf Analytics identified issues in the data, before the end users encountered them, and was able to make recommendations to the admin vendor on fixing the migrated data. Once complete, Georgia Farm Bureau will have confidence in their data and will be able to use Cloverleaf Analytics to complete their statutory and financial reporting, run analytics to determine marketing direction, and better understand its profitability. Clark states, “We not only assist insurers with advanced analytics, but also run their data through extensive validation processes that ensure the accuracy and quality of their data, so they can make confident, informed decisions from the results produced by Cloverleaf Analytics.”

Cloverleaf Analytics understands the importance of analytics in the insurance industry, and the company’s solutions offer features like underwriting and claims alerts, mobile access, hundreds of pre-built reports and dashboards, and over 800 insurance KPIs to aid insurance companies in becoming more profitable. Moving forward, the company is building out fraud analysis tools, allowing clients to understand their book of business further. Additionally, Cloverleaf Analytics is working on establishing models based on machine learning to provide insight into risk management, customer retention, and profitability.