(Image credit: wagrati_photo.)
Cloverleaf Analytics (Austin, Texas), a provider of enterprise business intelligence (BI) and analytics solutions focused on the property/casualty industry, has announced a partnership with Streff Insurance Services (Red Wing, Minn.), an independent actuarial consulting firm also primarily serving property/casualty insurers. Through the partnership, Cloverleaf’s insurance-specific BI solution will offer Streff’s property/casualty insurer clients access to real-time analytics, enabling proactive business decisions that would not otherwise be possible.
“It is increasingly important to our P&C insurance company clients for us to have the ability to pull in external data from third-party providers and InsurTech partners to enhance risk assessment, underwriting, and pricing,” comments Robert Clark, president, Cloverleaf Analytics. “There is a distinct overlap in the target customers of both Streff and Cloverleaf, and Streff is providing invaluable consulting and actuarial services to a lot of our clients already.”
Streff has a growing client base of regional mutual insurers, self-insurance funds, and captives with an immediate need for better analytics and BI capabilities. During engagements, the company’s consultants often work with insurers who have minimal experience with modern predictive analytics in terms of quantifying market opportunities, and who could achieve significant added value by supplementing institutional knowledge with external data from third-party providers.
Making Pricing Process Easier and More Efficient
“Cloverleaf’s real-time analytics and ability to combine internal core system data with third-party or external data can be a major value-add for our clients,” comments Eric Mann, lead analytics consultant for Streff. “Pricing new products is a pain point for many of our clients, and Cloverleaf brings expertise with predictive modeling and machine learning into the picture to make that process significantly easier and more efficient. This partnership makes a lot of sense for us and for our customers.”
New insights gained through analysis of third-party data using the Cloverleaf BI solution will enable not only stronger predictive abilities and faster entrance into new markets for Streff and its clients, but also more accurate pricing of completely new insurance products developed to meet emerging consumer demand, according to a Cloverleaf statement.