Over 400 Member Insurance Companies to Benefit from New Unified Analytics Platform Providing Better Intelligence About the Actual Cost of Workers' Comp Benefits
AUSTIN, Texas, Dec. 14, 2023 /PRNewswire-PRWeb/ -- Cloverleaf Analytics, the leading provider of Insurance Intelligence solutions, today announced that the Pennsylvania Compensation Rating Bureau (PCRB) is setting a new standard for Workers Comp analytics provided to member insurers by implementing the Cloverleaf Insurance Intelligence Platform. Cloverleaf will revolutionize PCRB's relationships with 400 members by establishing a unified platform that utilizes internal and external data. This supports PCRB's mission to be Pennsylvania's trusted provider of actuarially-based information, research, loss costs, and essential educational services for a healthy Workers' Compensation system.
With Cloverleaf, PCRB insurance members gain access to new self-service analytics about claims loss and exposure data. This allows members to conduct benchmark comparisons against statewide metrics and the broader national industry. Additionally, insurers will be empowered to enhance their business strategies and services for their customers.
"The evolving Workers' Comp marketplace demands cutting-edge data analytics tools," says Bill Taylor, PCRB President and CEO. "PCRB's new insights from years of extensive data collection will aid carriers in benchmarking outcomes, portfolio management, decision-making, and fostering a stable, competitive market. Cloverleaf provides insurers in Pennsylvania and Delaware with unmatched data access and benchmarking capabilities."
As part of the PCRB modernization strategy, the non-profit recognizes the opportunity to expand on internal data with broader data insights using advanced technology, enabling reports, forecasts, visualizations, and other capabilities highlighting important industry and insurance business metrics for each insurer.
"Our data platform delivers deeper insights about the long tail of business and system changes occurring in the Pennsylvania Worker's Comp market," said Thomas Cleary, PCRB Senior Vice President and COO. "The partnership with Cloverleaf enables insurers to have a stronger understanding of their books of business while delivering real-time data insights to improve internal operational efficiency."
PCRB will leverage Cloverleaf's latest AI-driven storytelling capabilities that are powered by BI, NLP, ML, and AI including Open AI GPT. With OpenAI GPT integrated into Cloverleaf, PCRB members will have access to better data preparation, data science, business analytics, and modules for spreadsheets, storyboards, and publication design. The ability to quickly create images, graphics, and designs to support the presentation of insurance data will equip PCRB and its members with easy to understand intelligence into every insurance transaction.
"This is exciting for PCRB, the national Worker's Compensation industry, and for Cloverleaf as we are accomplishing something that has rarely been achieved on a national level," said Michael Schwabrow, Executive Vice President of Sales and Marketing for Cloverleaf. "Cloverleaf has a history of energizing organizations with the power of our platform to better support the insured by tapping the power of once dormant and disjointed insurance data. This is a moment of celebration for PCRB regarding their modernization initiative, and for Cloverleaf in demonstrating how fast our platform can deliver value for a new segment of the insurance industry."
About The Pennsylvania Compensation Rating Bureau:
Founded in 1915, the Pennsylvania Compensation Rating Bureau (PCRB) is a nonprofit data collection organization serving as a trusted, essential, and objective resource that supports a healthy workers compensation system for Pennsylvania. PCRB provides data-driven products and services that anticipate and respond to marketplace conditions and identify emerging trends, including accurate and valuable statistical and actuarially-based information, marketplace knowledge, and rating plans. PCRB also conducts innovative research, provides educational services, and engages in outreach that delivers knowledge to empower actionable decisions. For more information, please visit www.pcrb.com.
About Cloverleaf Analytics:
Cloverleaf Analytics is the leader in insurance intelligence solutions, having evolved from Business Intelligence (BI) into providing advanced tools using AI, ML, 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. For more information, please visit www.cloverleafanalytics.com.
Michael Schwabrow, Cloverleaf Analytics, 1 512-361-7173 2121, [email protected], Cloverleaf Analytics
SOURCE Cloverleaf Analytics