Cloverleaf Analytics, an insurance intelligence solutions company, recently announced partnerships with auto insurance carriers United Automobile Insurance Company and Citizens United Reciprocal Exchange (CURE). The deals aim to leverage Cloverleaf's proprietary policy management capabilities and Guidewire's digital claims experience to "enable advanced insights regarding quote, policy and claims enterprise data in real-time," according to a company press release. The partnerships come off the heels of Clovereaf's investment into its suite of new AI-driven advanced analytics and data security technologies. Robert Clark, president and CEO of Cloverleaf Analytics, told Digital Insurance that the company is consolidating and aggregating data in real-time, into one place. "In our data lake we're pulling all of their premiums, their losses, reinsurance billing, their treaties, cash calls, everything," says Clark. "Once we pull it in, we aggregate that up in our data warehouse where we calculate over 900 different KPIs. On top of that, we've got over 28 different machine learning libraries and AI capabilities, including full integration of Python and R. We have actuaries creating scripts and learning models that will actually learn from their data and make recommendations."

Then came 2021, when insurers focused on pandemic recovery and meeting customer expectations for digitization and personalization. While adapting to the latest insurance technologies was a challenging experience for many carriers, those who did are selling more benefits faster and smarter than ever before. From underwriting and claims to the customer journey and distribution methods, here are the top insurance technology trends our team believes will be beneficial to carriers in 2022. It was once common for insureds to undergo in-person evaluations in traditional underwriting. However, this proved a challenge during the pandemic, and many insurers had to embrace new underwriting methods. The goal of automated underwriting is to streamline information-gathering and reduce as many human touchpoints as possible. Automated underwriting uses tools and techniques like robotic process automation and artificial intelligence to import and correct data, assess risk and determine how much coverage a client should get and how much they should pay in premiums. It is important that automated underwriting programs incorporate an insurer's business rules, halting the process when human intervention is required. To this end, automated underwriting technology should enable granular configuration of roles and permissions. The benefits of saving time and money have led to many insurers implementing automated underwriting into their value chain.

With 2021 just around the corner and all of us wondering what's in store for auto insurance, here are some of the trends that I believe are likely to take hold of the sector in the year to come. The aftereffects of COVID-19 will continue to shake up the insurance industry. Customers will not only favor flexible service providers, but "modular" services - meaning those that they can pick and choose features from based on their needs or even their current financial standing. For auto insurers, this could translate into policies based on the actual mileage driven as opposed to the number of drivers, or even discounts for drivers that participate in ridesharing programs. Personalization will become the new normal for insurance. Relatively, the insurance industry is pretty far behind the pack in terms of the scope of applications to intelligently process or integrate real-time data.

As the insurance industry adjusts to life in the 21st century (heh), an AI startup that has built computer vision tools to enable remote damage appraisals is announcing a significant round of growth funding. Tractable, which works with automotive insurance companies to let users take and submit photos of damaged cars that are then "read" to make appraisals, has raised $60 million, a Series D that values Tractable at $1 billion, the company said. Tractable says it works with more than 20 of the top 100 auto insurers in the world, and it has seen sales grow 600% in the last 24 months, which CEO Alex Dalyac told me translates as "well into eight figures of annual revenue." He also told me that "we would have grown even faster if it weren't for COVID." People staying at home meant far fewer people on the roads, and fewer accidents.

WIRE)--Cambridge Mobile Telematics (CMT), the world's leading mobile telematics and analytics provider, has launched its latest product line, Claims Studio. Through a lightweight smartphone solution, Claims Studio gives claims adjusters access to robust, unbiased telematics and contextual crash data after an impact occurs. CMT's ability to detect crashes has been in the market since 2015, but now has expanded to support the end-to-end claims process. Claims Studio uses telematics and artificial intelligence to reproduce the true story of a crash, creating a data-driven narrative to accelerate the claims process. By accessing key details like speed, severity, and vehicle impact location early in the process, insurers can spend less time collecting information from drivers and third parties, and more time confirming facts and accurately assessing loss.

Booming insurtech innovations are revolutionizing the way auto insurance is operating. FREMONT, CA: Insurtech startups are revolutionizing the way insurance is operating. The European insurtech industry has exploded in recent years, with several startups coming up with new products and services, easing the process of buying insurance for the consumers. Similar is the case of auto insurers, and startups are dramatically transforming this industry with innovative tech offerings. Here is more about the top innovations and ventures going after auto insurtech for the CIOs to eye on. Telematics device can record information about driving behavior pertaining to the speed of driving and the distance covered.

In a future of autonomous vehicles, the industry expects ride-hailing services could eliminate the need for many to carry insurance at all. Ann Arbor -- Insurers are bracing for change as they plan for a future with self-driving cars. Although the hope is that autonomous vehicles will decrease traffic incidents and improve road safety, it could take years before the benefits of expensive-to-repair, technology-packed vehicles reduce insurance premiums. Meanwhile, autonomous vehicles promise to shift liability for accidents from drivers to the car itself, threatening insurers' traditional business model. "There's angst, anxiety, worry (because) ... we're heavily in the auto business," Neil Alldredge, senior vice president of corporate affairs for the National Association of Mutual Insurance Companies, told auto insurers earlier this month at an Ann Arbor conference on the topic.

Some say it's too early to evaluate the long-term impact of AI, but it's already fundamentally changing the way auto insurers do business. A lot of people are talking about the promise of artificial intelligence (AI), and some say it's too early to evaluate its long-term impact. I believe we need to evaluate AI's value now, because it's already beginning to fundamentally change the way auto insurers do business. A sweeping statement, perhaps, but there's a lead-up to this discussion that is creating the perfect storm for P&C insurers. First, insurer performance is challenging, and most every insurer I speak with is racing to identify ways to reduce expenses while continuing to offer desirable products to savvy consumers -- consumers who expect insurance to be delivered and serviced just as seamlessly as their interactions with their favorite online retailer.

Britain's largest auto insurer, Direct Line, has been offering Tesla owners a sweet-sounding deal for the last few months: Enable Autopilot, the semi-autonomous driver-assist system, and get five percent off your yearly insurance premium. When the insurer announced the inducement in December, Tesla owners nearly broke the internet, as they rushed to crow, assuming they too were in line for a similar financial windfall. One problem is that this discount isn't coming to America, for reasons we'll explain. But there's another surprising fact to consider: The cost of auto insurance in the driverless age might just increase, even though the number of crashes decreases. Direct Line's stated goal with this Tesla initiative is to encourage the use of the semi-autonomous (SAE Level 2/3) system in the United Kingdom.