Linux Foundation’s openIDL Welcomes reThought Flood and Cloverleaf Analytics to Help Lead the Charge on Insurance Data Standardization
SAN FRANCISCO, Jan. 28, 2025 /PRNewswire/ — Open Insurance Data Link (openIDL), a forward-thinking consortium focused on establishing critical data standards and leveraging blockchain technology to revolutionize data exchange across the insurance industry, is pleased to welcome new members reThought Flood and Cloverleaf Analytics. As members of openIDL, reThought Flood, an MGA leader in data-driven insurance solutions, and Cloverleaf Analytics, a pioneer in advanced insurance data analytics, will help openIDL lead the charge in insurance data standardization.
The partnership underscores a transformative step toward improving insurance data standardization.
As active members of openIDL, reThought Flood and Cloverleaf Analytics will play a pivotal role in the newly launched open Insurance Data Standards (openIDS) Working Group, spearheading the development and adoption of open, non-proprietary, and universally accepted data standards. These efforts represent a critical first step toward building a transparent, and collaborative, data standard that can serve as a foundation for the industry’s future.
“We are pleased to welcome reThought Flood and Cloverleaf Analytics to the openIDL community,” said Josh Hershman, Executive Director of openIDL. “With their support and leadership, we hope to address the fragmented regulatory framework of the U.S. P&C insurance industry, which spans 56 jurisdictions and thousands of insurers, yet has made reaching a consensus on data standards elusive.”
The partnership underscores a transformative step toward addressing one of the industry’s most pressing challenges: the lack of widely adopted data standards in the U.S. property and casualty (P&C) sector. This absence of standardization costs insurers billions annually in translating data for regulatory reporting, catastrophe modeling, and operational tasks. These inefficiencies not only burden insurers but also hinder their ability to collaborate effectively with regulators and other stakeholders, obstructing efforts to create meaningful, informed policies. By adopting comprehensive data standards, the industry can enhance efficiency, reduce costs, and foster constructive collaboration between insurers, regulators, and other stakeholders.
“The value of participating in the openIDL and fostering open standards with openIDS is in building together what no one entity could build alone,” said Werner Kruck, CEO of the American Association of Insurance Services (AAIS). “By welcoming new members into the OpenIDL community, we open new avenues of collaboration to help shape the next generation of insurance data standards and governance. Through AAIS’ membership in openIDL, we look forward to working with the OpenIDL community to break down barriers and drive the adoption of transformative insurance data standards that will benefit the entire ecosystem.”
To learn more about openIDL, including how to participate in the community and become a member, please visit openidl.org.
Supporting Quotes
“reThought is very pleased to become a part of openIDL, a game-changing open source initiative of benefit to the entire insurance industry. As an MGA with significant reporting requirements to capacity partners, a truly open data standard would allow organizations to increase both the efficiency and the effectiveness of shared data and reports. Imagine a world where we all “speak the same data language”, it would be monumental.”
Cory Isaacson – Founder and CEO, reThought Flood
“When I founded Cloverleaf in 2015, it was with a vision that the only way our industry would excel at digital transformation, was if data insights were delivered in a unified common language. We look forward to marrying our vision with openIDL as we strive towards a future where all insurers and regulators can access secure, meaningful data insights as seamlessly as turning on a light switch.”
Robert Clark – Founder and CEO, Cloverleaf Analytics
“Cloverleaf is honored to collaborate with some of the nation’s leading insurers, regulators, and technology companies in joining the openIDL to guide the industry into an age of greater efficiency, data transparency and security, compliance, and growth. Just as insurers rely on robust data to make informed underwriting decisions, the openIDL will serve as the foundation for the entire insurance industry’s data-driven future, ensuring trust and reliability as we move towards more AI-driven business models.”
Michael Schwabrow – EVP of Sales and Marketing, Cloverleaf Analytic
About openIDL
openIDL was founded by (AAIS) in 2021 as a Linux Foundation project. Building a Cohesive, Smarter, More Secure Insurance Industry. The project and its various initiatives were created for insurance industry collaboration on data standards and reporting. The Linux Foundation is the largest global open source software development non-proprietary platform focused on enabling industry-wide and cross-industry collaboration by means of the LF’s proven open governance model and framework. Generating and maintaining Industry Open Standards utilizing the framework of transparency, participation, and a strong governance model ensures that collaborative work and products do not become compromised and/or proprietary. openidl.org
About reThought Flood
Founded in 2017, reThought Flood is a technology-centric Managing General Agent focused on US flood risk. reThought offers commercial and residential flood insurance on behalf of A.M. Best “A” rated carriers, and has formed strategic relationships with insurers, reinsurers, and other capacity providers to help them profitably innovate in the flood risk arena. reThought’s game-changing technology helps solve vexing industry problems underwriting flood risk, which requires advanced precision and a true understanding of the hazard. reThought has developed a state-of-the-art proprietary underwriting methodology and risk assessment technology which reflects the reality that with flood risk, inches matter. www.rethoughtflood.com
About Cloverleaf Analytics
Cloverleaf Analytics is the leader in insurance intelligence solutions, having evolved from Business Intelligence (BI) into providing advanced tools using Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), Speech to Insights, 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. cloverleafanalytics.com
Media Contact
Lanaya Nelson
openIDL
Phone: (860) 874-3491
Email: lnelson@openid.org
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