Cloverleaf Analytics, an esteemed provider of Insurance Intelligence solutions, and Socotra, renowned supplier of top-tier insurance IT solutions and policy core, have declared a new partnership.
Cloverleaf, known for its groundbreaking insurance-centric Business Intelligence (BI) platform that encompasses Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), and more, stands as a pioneer in its technological segment. Socotra, on the other hand, stands out as the first cloud-native core platform dedicated to insurers, marking another milestone in the sector.
The motive behind this collaboration is to leverage the swift and flexible offerings of Socotra’s Connected Core and incorporate the in-depth insights about growth potential, profitability, and customer relationships that Cloverleaf’s solution offers. Through this partnership, insurers and Managing General Agents (MGAs) stand to benefit from the integrated services provided by the two companies.
Cloverleaf Analytics specialises in Insurance Intelligence solutions, transforming from Business Intelligence into a provider of advanced tools using ML and other emerging technologies. They empower carriers to create modern products that redefine the meaning of insurance value, allowing them to stay competitive against new market entrants.
Socotra, meanwhile, offers a cutting-edge core platform for Integration solutions for insurance. Known for its speed, agility, and efficiency, Socotra provides a platform that allows clients to stay competitive in a rapidly evolving market. With its unique App MarketPlace, Socotra provides instant integration to a growing community of data and service providers.
Together, Cloverleaf and Socotra’s alliance promises a holistic solution for insurers to easily transition from multiple, disparate data (Core) systems to a more consolidated and streamlined approach. As a result, insurers can expect advanced self-service analytics, while MGAs in a Program Carrier will benefit from consolidated data, simplifying monthly and quarterly reporting to their Program Carrier.
This partnership also opens up new revenue opportunities for both companies. Cloverleaf’s EVP of Sales & Marketing, Michael Schwabrow, sees this partnership as delivering value on multiple levels, both in terms of technological innovation and new revenue opportunities.
Schwabrow said, “This partnership will deliver value on multiple levels, from technology innovation realised by carriers and MGAs between our platforms along with other partners in the Socotra ecosystem, to new revenue opportunities for both companies. Our alliance will empower carriers to inspect what they expect and realise the benefits of integrated intelligent digital insurance solutions faster than many insurance companies thought possible.”
Mike Benayoun, Director of Partnerships for Socotra, also expressed his enthusiasm for the partnership: “We have a robust partner ecosystem, and Cloverleaf’s Insurance Intelligence platform adds another layer to the value of Socotra with a new competitive edge for carriers and MGAs from a growth and profitability perspective as a result of having an unprecedented understanding of insurance data.”
The integration process, known as the Cloverleaf/Socotra Connector, is set to be completed by early Q3 2023.
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