Clover Health Investments, Corp. (NASDAQ:CLOV) Q1 2023 Earnings Call Transcript

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Unidentified Analyst : Yes.

Scott Leffler: Yes. So, we would typically expect to see slightly elevated MCR levels in Q1, more pronounced in Q4 with kind of a flatter level of performance in the middle part of the year.

Unidentified Analyst : Okay. Great, thank you.

Operator: There are no further questions in the queue at this time. I would now like to turn the call back over to Andrew Toy for any additional or closing remarks.

Andrew Toy: Sure. So, thanks for the questions so far. Just I’d like to end the call with just some thoughts on why I’m incredibly excited about the moment we’re at within the healthcare industry and our ability at Clover to use our technology to power an incredible acceleration in physician capabilities. As a reminder, I’ve been involved with some of the most transformative moments of the last few decades. Moving to our technology has really created a step functional change in the capabilities of human beings. The previous company I founded helped deliver the mobile revolution, a revolution that has a lab, almost every person have access to supercomputing capability pretty much at all times. Next, at Google, I spent time focused on bringing the capability of the cloud to businesses all around the world to provide a level of real-time data interconnectedness that we’ve never really had before.

And the final piece of this puzzle has always been my work around Artificial Intelligence and machine learning, incredible capabilities that I truly believe will be powerfully additive to the capabilities of all of us as human beings. These experiences are intersecting. And I truly believe that the time is now for the realization of these benefits in health care. At Clover, we built Clover Assistant to be literally that, an assistant to physicians to give them superpowers and let them access the power of cloud data, telemedicine, machine learning, and AI, all at once. And as a technologist, I knew that the key to this would be to make sure we get our platform implemented and used every day by actual real-world physicians on a wide network that has many different kinds of user personas.

And in that slow-moving world of health care technology, this is no small feat. So, I am proud of what we’ve achieved. I’ve always said that the one thing that makes my colleagues in the tech world jealous is the amount of usage that we have on Clover Assistant every single day, something that none of them really have access to. At Clover, we’re providing real doctors real insights, and we can see what they engage with more and what they engage with less. And this usage lets us tune, tweak and accelerate our product and AI and ML capabilities in a way that I really believe is truly transformational. So, the goal in Clover has always been to not just climb the obvious local maxima, but to move the capabilities of physicians on to a different part of the curve entirely.

It’s not about a better laptop. It’s about a supercomputer phone. It’s not about a better data center. It’s about existing entirely on the cloud. And it’s not about just simply building academic AI models, but about making sure that they’re built to be useful to real-world physicians every day. It’s taken significant investment and time to create this platform, but now we’re at the exciting stage where we can realize the benefits of our capabilities. So, I really see this first quarter, this strong quarter of results is us aligning Clover business capabilities behind this transformative vision, the same vision we’ve had for the last few years. I’m excited about the additional progress we’ll deliver this year, of course, but I’m also incredibly excited to be part of this critical moment in time for our entire society.

Thank you all again for being part of the journey with us.

Operator: Thank you, ladies and gentlemen. This concludes today’s Clover Health’s First Quarter 2023 Earnings Call and Webcast. You may disconnect your line at this time, and have a wonderful day.

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