(Image source: UAIC homepage.)
United Automobile Insurance Company (UAIC, Miami), a property/casualty insurance carrier focused on the non-standard automobile market, has selected Cloverleaf Analytics, a provider of business intelligence utilizing machine learning. UAIC will use Cloverleaf to solve a major problem facing insurers today of effectively managing insurance data to provide the right auto insurance rates at a time when economic uncertainty is causing continuous fluctuations in the industry, a Cloverleaf statement says.
United Auto chose Cloverleaf because of the company’s ability to integrate with both the Company’s in house Policy Management System and Guidewire ClaimCenter, enabling advanced insights regarding quote, policy, and claims enterprise data in real-time, according to the vendor statement.
“Cloverleaf is the solution that we needed to integrate data from all internal systems as well as third party sources and structure it in a way to make it immediately consumable and actionable by internal users,” comments Dean Kozlowski, VP, Product and Compliance, UAIC. “Beyond improving our rate making, Cloverleaf will deliver a complete view of the business providing insights across systems which will enable the design of new and innovative products and processes. As a niche carrier, we see it as a competitive advantage to use data more intelligently and completely than our competition as we make adjustments to existing products to deliver more value and an improved experience to customers. Additionally, we are confident that we will be able to leverage these insights into our overall business operations to lower costs and improve profitability.”
Sustainable Growth and Profitability
Cloverleaf describes its insurance intelligence platform as strategically leveraging a combination of insurance-centric tools and emerging technologies including machine learning (ML) and natural language processing (NLP), with a lens on how to create the right custom technology environment to address new risks facing the insured across any type of personal lines insurance.
“When driving increased following COVID lockdowns, insurers and drivers likely did not foresee being impacted by the continuous changes to auto insurance rates due to the economy,” says Robert Clark, president, Cloverleaf. “Couple these price impacts with the rising costs of car repairs due to global supply chain challenges and the chip shortages, and insurers are faced with how to compete and stay profitable. Cloverleaf is the most powerful insurance intelligence solution on the market that can resolve these challenges today while positioning insurers for more sustainable growth and profitability in the future.”