LISLE, IL, October 16, 2024 — The American Association of Insurance Services (AAIS) is excited to welcome Cloverleaf Analytics to the AAIS Partner Program.

“It used to be that the lifeblood of the insurance industry was solely customer relationships, but now it is equally important to have a quality in-depth understanding of internal, customer, and third-party data,” said Michael Schwabrow, EVP of Sales & Marketing at Cloverleaf Analytics. “We foresaw this evolution in 2015 and built our data model with the present and future in mind. Cloverleaf is excited to work with AAIS to help create data standards for itself, for its Member carriers, and for the industry.”

Cloverleaf is a forward-thinking GenBI insurance analytics software company that transforms big data into valuable insurance insights. They empower P&C insurers to better monitor risks like fraud, inspect what they expect for growth, and revitalize customer experiences.

“We welcome Cloverleaf Analytics to our AAIS Partner Program and are excited about the opportunity to help our Members successfully navigate the P&C industry together,” said Werner Kruck, President & Chief Executive Officer of AAIS. “Our Member carriers use a wide variety of systems and are looking for solutions that can easily integrate with their business operations. Cloverleaf offers game-changing flexibility that can be applied within their preferred environments, further driving continued innovation, efficiency, and growth.”

The AAIS Partner Program provides AAIS Members with unique access to quality products and services that help them streamline processes, achieve operational efficiency, and support business growth. To find out how AAIS Partners like Cloverleaf Analytics can help transform big data into valuable insights, please visit AAISonline.com or contact the AAIS Member Engagement Team at membership@aaisonline.com. 

About Cloverleaf Analytics

Cloverleaf Analytics is the leader in insurance intelligence solutions, having evolved from Business Intelligence (BI) into providing advanced tools using Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), Speech to Insights, and other emerging technologies to empower carriers to achieve unparalleled growth. Cloverleaf enables carriers in diverse lines of business to create modern products that help insurers remain competitive against new market entrants while redefining what consumers and businesses understand as the meaning of insurance value. Find out more at cloverleafanalytics.com.

About AAIS
Established in 1936, AAIS serves the property & casualty insurance industry as the only national not-for-profit advisory organization governed by its Member insurance carriers. AAIS delivers high-quality advisory solutions, including best-in-class policy forms, rating guidelines, and data management capabilities for commercial lines, inland marine, farm & agriculture, auto, and personal lines insurers. Their consultative and unbiased approach, unrivaled customer service, and innovative technical capabilities underscore a focused commitment to the success of their Members. Together with Member carriers, insurance regulators, Partners, MGAs, and other key stakeholders, the AAIS Community is working to build a more cost-effective and sustainable industry. For more information about joining the AAIS Community, visit AAISonline.com.

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Media Contacts

Cloverleaf Analytics
Michael Schwabrow
EVP of Sales & Marketing
mschwabrow@cloverleafanalytics.com

AAIS
Wen Tilghman
Director, Marketing & Communications
went@aaisonline.com

Source: GlobeNewswire

The post Cloverleaf Analytics Joins AAIS Partner Program, Extending Advanced Insurance Intelligence Solutions to Members first appeared on AAIS.

In 2024, a P&C insurer study conducted by Capgemini suggested that 41% of the underwriters’ time is spent on “administrative and operational activities, constraining their capacity and triggering value chain challenges in pricing and broker/customer experience.”

Improving underwriter efficiency has always been a key driving force behind selecting an insurance platform. However, merely adopting a modern insurance platform is insufficient to address some of the current inefficiencies. To truly enhance underwriting efficiency, insurers now have the opportunity to select an insurance platform with built-in advanced AI-based automation and process optimization solutions. Furthermore, selecting a platform equipped with AI capabilities and partnering with a solution provider that is actively investing in AI technologies will not only meet current underwriting demands but also drive future productivity and innovation requirements.

With built-in AI-driven solutions, insurers can streamline operations, reduce manual workloads, and enhance overall efficiency, positioning themselves for long-term success in a rapidly evolving market. A modern platform working in cohesion with its own AI solution is the only way to achieve maximum efficiency and success.

Key areas where AI can bring substantial benefits include:

• Improving User Experience and Automation: AI-powered platforms can streamline and automate repetitive tasks, such as data entry and analysis, thereby reducing the administrative burden on underwriters. For example, Cogitate’s DigitalEdge platform has UW Assist, powered by CogitateLabs, which includes data ingestion capabilities. The AI reviews the input submission forms, automatically identifies the inputs for the submission through its powerful LLM models, and inserts data automatically into the application. This drastically reduces the manual administrative work for the underwriters and improves their user experience.
• Reducing Premium Leakage and Adverse Selection: AI can play a crucial role in minimizing premium leakage by identifying discrepancies and ensuring that premiums accurately reflect the risk associated with each policy. Moreover, AI-driven analytics can detect patterns indicative of adverse selection, where higher-risk individuals might be disproportionately represented. By addressing these issues, insurers can better align premiums with actual risk profiles and improve the financial stability of their portfolios.
• Prioritizing Work: AI can assist underwriters in prioritizing their workload by analyzing and sorting tasks based on urgency and impact. Intelligent systems can assess cases that require immediate attention and those that can be deferred, optimizing the allocation of resources and improving workflow efficiency. This prioritization ensures that critical tasks are addressed promptly, leading to better risk management and decision-making.
• Identifying Demands: Attorney demand letters are one of the biggest challenges facing the insurance industry. Any bad faith claim can have a significant impact, with settlements running into millions of dollars. Insurance companies have to deploy the manual process of reviewing thousands of documents daily to identify demand letters from attorneys. This is a time-consuming and error-prone process. With solutions like Cogitate’s DemandAssist, an AI/ML-based product, significant operational efficiency with an error-free process can be achieved.

Conclusion

AI-based tools are becoming a part of the work process, and proper adoption is key for an organization’s success and sustainability. To effectively leverage innovative tools, particularly AI-assisted solutions, it is essential to first build trust within your team. This involves gradually introducing these tools to address specific issues, consistently using and testing them, and measuring the improvements they bring. By demonstrating tangible benefits and success, you foster confidence in the technology and cultivate advocates for innovation within your organization.

Equally important is finding the right partner, like Cogitate, to support your transformation journey. Selecting the right solution provider who not only offers advanced tools as part of their insurance platform but also invests in ongoing innovation and support ensures that you have a reliable ally in navigating the complexities of modern insurance technology needs. This partnership is crucial for maximizing the potential of AI solutions and achieving long-term success in underwriting and beyond. Learn more about Cogitate at cogitate.com.

The post AI-Powered Insurance Platforms Boost Underwriting Efficiency first appeared on AAIS.

Current and Emerging Inland Marine Market Trends

“The state of the inland marine insurance market is resilient, robust, and profitable,” according to Colson. “The industry demonstrated remarkable resilience rebounding from the COVID-19 pandemic and recent booms in building and transportation logistics have helped to drive growth.” In addition to collecting more written premium, which increased 14.3% in the U.S. inland marine insurance sector according to AM Best, Colson explained that the market space is enjoying an improving loss ratio, which fell from 63.8% in 2020 to 46.6% in 2022. “So, this translates into increased profitability and a combined ratio that is typically 10 points lower than the overall property and casualty market,” she stated. “And while inland marine insurance is a small portion of the P&C market, it’s maintaining strength and profitability.”

Colson highlighted several notable emerging trends in the inland marine insurance industry. “Inflation continues to be a hot topic and a concern shaping the industry, especially in this tense geopolitical environment, which was still rebounding from the COVID-19 pandemic,” she said. “The Russia and Ukraine war followed by the Hamas-Israel war have further complicated the inflationary environment. And as the cost of doing business climbs, it’s even more important to set an accurate valuation on items being insured.” Colson believes properly doing so can alleviate some of the effects inflation has on the increased cost of claims today versus five years ago.

Other trends include advances in an evolving technological landscape, like blockchain, artificial intelligence, and data analytics. “Innovations like these enable underwriters to become more efficient in the way they underwrite and are modernizing the way claims are managed,” said Colson. Another trend in the industry is a push towards sustainability. “While these trends are benefiting underwriters, risk managers, and claims professionals, they can bring new challenges with them, too,” Colson warned. “Some of these trends are opening doors to emerging risks, including cyber threats, and insurers may need to adjust how they provide coverage to address these risks.”

Effects of Climate Change on Inland Marine

Climate change is impacting inland marine insurance exposures in a variety of ways. One way is the rise in intensity and frequency of natural disasters. “These events are also transpiring across more areas,” Colson explained. “Flooding is no longer limited to just coastal areas. Convective storms, especially hailstorms, are also causing damage to solar farms in the Midwestern states, such as Nebraska and Texas. And this is happening with an increasing frequency.”

One tool Colson touched upon that insurers and reinsurers are using to assess the potential risks caused by natural catastrophes is catastrophe (cat) modeling. “Some newer cat models are beginning to emerge that are attempting to quantify the impact of future climatic risks,” she shared. “These tools can be used to make more informed decisions and to prevent property loss.”

Use of Data Analytics and Technology Tools

Colson explained that the inland marine insurance industry is advancing the use of data analytics and technology by leveraging data to monitor and improve the understanding of potential risks. “Inland marine insurance professionals are increasingly using data analytics to enhance underwriting risk assessments and claims management,” she said. “They’re also using it to streamline processes and improve overall efficiency.” Colson shared that industry leaders are also using telematics to help prevent or recover stolen insured items or to monitor behaviors such as the speed of trucks when drivers are hauling cargo.

What’s New at IMUA?

New developments at IMUA include the All Access Education platform, plans to transition to a new website as well as a new learning management system, and the upcoming Annual Meeting. “All Access Education provides all-inclusive remote education, including unlimited new and archived webinars, seminars, and classes as well as papers for every member at no additional cost,” Colson revealed. “This benefit has been incredibly successful with IMUA’s membership; registrations for remote education have tripled since the inception of this program.”

In fall 2024, IMUA will transition to a new website and database and implement a new learning management system that will give IMUA members a richer, more user-friendly experience with access to more education and an on-demand robust search engine.

Colson is also looking forward to the upcoming IMUA 93rd Annual Meeting on April 28-May 3 in San Antonio, Texas. “This year’s conference will kick off with a unique executive panel featuring industry views from three different perspectives: a broker, an underwriter, and a reinsurer,” she shared. “Other conference topics include recent court filings on a builder’s risk insurance claim, fictitious pickups and double broker loads, the oil and gas industry, convective storms and climate change, and modular construction.” IMUA is anticipating another year of record attendance for its Annual Meeting, with more than 325 individuals already registered. For more details and to register online, click here.

To view the full interview with Lillian Colson, please click the video above.

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