The Insurance Minority Report: The Future of BI in Insurance

By Michael Schwabrow

Imagine a world where insurance is priced not only based on what you have done in the past but also on high-probability predictions of what you are likely to do. Sounds like a science fiction movie? When the Minority Report came out in 2002 it seemed like such a futuristic concept that couldn’t happen until the year 2054 like in the movie.

The Shift Towards Next-Generation Insurance BI

Instead of relying on supernatural pre-cogs to predict the future, insurance business intelligence (BI) has advanced so much since Cloverleaf, Microsoft, Tableau, Qlik, and others helped found this space. In 2015, when we were founded, BI was about looking solely at what has been done in an insurer’s data lake. Unfortunately, a lot of insurers are still stuck in the past when it comes to unifying their data to even look at legacy BI. For those that have got on the train to the future, these insurers understand that BI is the hand that is inside the glove of emerging advancements with AI.

BI has the power to make advanced predictions that could enable a Worker’s Comp insurer to offer real-time price adjustments depending on the employees who are working on a particular project. For injury-prone workers on an industrial site, there could be special sensors on these individuals monitoring their activity. The BI could take the previous and real-time data to proactively send an alert to the Worker’s Comp insurance customer warning them that their rates are going to fluctuate soon based on prediction of these workers likely becoming injured.

The same could apply to auto, home, and other types of P&C insurance.

Smarter Insurance Underwriting and Insurance Claims Reinvented

Underwriting would no longer be about the past, but about BI-powered future predictions. The initial information required to apply for insurance may need to be more robust than a traditional application. It could include insurance grace periods for riskier customers by having them wear a smart IoT device that monitors their activity. A more detailed underwriting process using advanced BI could drastically transform insurance claims management.

Instead of waiting for claims to hit the claims adjuster’s desk, the adjuster is already proactively sending personalized alerts to the insured when certain behavioral red flags occur. This could change the meaning of claims management, especially if there is a clause in the contracts of higher-risk insurance customers that if the insured decides to continue with the predicted action, any claims connected to it may not be fully reimbursed or reimbursed at all.

Enter GenBI: Where AI Meets Business Intelligence

By coupling the next generation of BI that is about the past, present, and future with GenAI, this GenBI combination could be a new growth engine for insurers along with a way to better protect their business. Bring in agentic AI, and you have something better than a Minority Report precog. You have a resource that never rests, is fueled by BI, and performs many of the actions that I just mentioned automatically within the set parameters by the humans managing the agents.

Unified Insurance Data is the Key to the Future

This type of future with advanced BI is closer to reality for insurers that understand the importance of unifying their data in Guidewire and other core and analytics systems like Betterview, CAPE Analytics, and HazardHub. With a legacy view of building and managing internal databases and data lakes, it is hard to realize this type of vision. The reason is that internal systems have not advanced to the level of vendors like Cloverleaf Analytics which specialize in strategically marrying insurance data and technology to provide new levels of intelligence.

Within one smart dashboard, an insurer can monitor the performance of their business  to see future potential risk exposure, and likely claims to be submitted by customers.

Why Should Insurers Get on Board Now with the New Insurance BI?

We built our innovative platform patiently over the last decade. Coming to this point was not a rush because of AI, it was a well-thought-out strategy to see how much insurance insights insurers would need well into the future.

There are insurers in auto, Worker’s Comp, and other unique P&C segments that have embraced Cloverleaf’s vision for the future of insurance intelligence. We look forward to unveiling examples of how insurers are using our platform to advance toward what once seemed like science fiction that only Tom Cruise could pull off.

Ready to see how tomorrow’s BI can start transforming your insurance operations today? Let’s talk about how Cloverleaf’s unified intelligence platform can move your business from reactive to predictive — and keep you ahead of the curve.