Clover Insurance goes live with ChainThat policy administration system
Press Release
SYDNEY --(Insurance Business)-- Australian underwriting agency Clover Insurance now has its full product range available through its policy administration system OnePatch.
Clover progressively launched its three core products – business pack, home and landlords, and commercial and personal motor insurance – throughout 2023, with motor going live in December.
OnePatch is powered by London-based ChainThat’s Beyond Policy Administration (BPA) platform, an online digital system created specifically for the insurance industry by insurance tech experts.
Clover CEO Blair Nicholls says his business model was to automate underwriting to simplify the placement experience for brokers. ChainThat’s BPA platform was the only product that met his full wish list of criteria.
“BPA’s advanced technology strongly aligns with Clover’s goals of agility, efficiency and extensibility. BPA is an API-driven platform that’s not just a tool but a catalyst for our broker partners to integrate seamlessly to service policies end to end,” Mr Nicholls says.
“Our partnership with ChainThat is more than just a business agreement. It’s a commitment to continually innovate to deliver better products and a more efficient quoting experience for our brokers.”
Mr Nicholls says Clover is dedicated to simplifying processes and optimising efficiency for brokers and their customers. “We achieve that through system-driven underwriting and data pre-population, empowering brokers to easily deliver rapid, accurate quotes. ChainThat’s BPA platform enables quick product rollout and its architectural flexibility allows straight-through processing for faster underwriting decisions.”
Established in late 2022, Clover already has a large number of brokers signed up to place business through OnePatch.
ChainThat CEO Vikas Acharya says Clover is leveraging technology to transform the broker experience. “Our platform enables Clover to manage product agility with end-to-end policy servicing, integration with third party data sources, and cash reconciliation so brokers can embrace automated digital processes.”
Mr Acharya says BPA’s key advantage is its high configurability. “Underwriting agencies need the agility to change products to suit market feedback. Historically, product changes have high overheads, but BPA manages them effectively and simply.
“BPA’s robust architecture has components that enable external systems to integrate easily. It’s true ‘plug and play’ that can scale for small or large organisations.”
Mr Acharya and the ChainThat team will be in Australia to exhibit at the UAC—Xceedance 2024 Sydney Underwriting Expo on Thursday 8 February at the International Convention Centre, 14 Darling Drive, Sydney.
Mr Acharya says there is major interest in the BPA platform in the Australian insurance industry.
About Clover
Clover is a technology-led insurance underwriting agency determined to simplify insurance placement for brokers and their customers. Clover’s vision is to be the broker-preferred agency for its product lines. For more information, visit cloverinsure.com.au.
About ChainThat
ChainThat, a London-based insurtech, provides innovative SaaS-based insurance technology products and platforms that enable brokers, carriers and underwriting agencies to realise the full potential of their businesses. For more information, visit www.chainthat.com.
For more information on the Beyond Policy Administration platform: Beyond Policy Administration (BPA) — ChainThat
See detailed Press Release: Clover Insurance integrates entire product suite into OnePatch system | Insurance Business Australia (insurancebusinessmag.com)
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