What changed in this filing

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Item 1. Business

2025-03-03 compared with 2024-03-14 · 70 added, 79 removed, 348 unchanged (30% of the section changed)

At Clover Health, our vision is to empower Medicare physicians to identify and manage chronic diseases early.

At Clover Health, our vision is to empower every physician with technology to identify, manage, and treat chronic diseases earlier.

This results in earlier diagnosis and treatment, earlier disease management and more affordable and accessible care.

Our strategy is to improve the care of our Medicare beneficiaries, develop wide physician networks, and provide technology to help empower physicians.

Our proprietary software platform, Clover Assistant, helps us execute this strategy by enabling physicians to detect, identify, and manage chronic diseases earlier than they otherwise could.

This technology is a cloud-based software platform that provides physicians with access to data-driven and personalized insights for the patients they treat.

This software is used in both our Insurance segment and our Non-Insurance segment.

Provider use of Clover Assistant enables data-driven decision-making for our beneficiaries and drives rapid software iteration:

Our proprietary software platform, Clover Assistant (licensed externally as Counterpart Assistant) helps us execute this strategy by enabling physicians to detect, identify, and manage chronic diseases better than they otherwise could.

This technology is a cloud-based software platform, that curates medical records from over 100 data sources and provides physicians with access to data-driven insights and personalized care recommendations for the patients.

Our differentiated approach can be summarized as follows:

(1) Represents full year 2024 MCR and BER ratios for Clover Health, as well as most recent results of other public companies with “Traditional MA Plan” approaches that have reported results as of the time of filing of this Form 10-K.

(2) Insurance Benefits expense ratio (“BER”) is a non-GAAP financial measure.

We calculate our Insurance BER by taking the total of Insurance net medical expenses incurred and quality improvements, and dividing that total by premiums earned on a net basis, in a given period.

Provider use of Clover Assistant enables data-driven clinical decision-making that benefits our members and drives rapid software iteration:

the more that providers use Clover Assistant, the more it learns and furthers the precision of personalized data-driven recommendations.

We combine our beneficiary data with provider-generated data and use this powerful closed feedback loop to continuously fine-tune our clinical rules and machine learning models, as well as to select and prioritize future software capabilities.

We combine our beneficiary data with provider-generated data and use this powerful closed feedback loop to continuously fine-tune our proprietary clinical rules and machine learning models, as well as to select and prioritize future software capabilities.

We believe the use and continuous improvement of Clover Assistant has resulted in not only improved clinical decision-making but also enhanced MA plan performance.

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These programs are designed to provide additional targeted care support and to further drive better plan performance.

In our Insurance segment, we leverage Clover Assistant to provide America's Medicare-eligible seniors with Preferred Provider Organization ("PPO") and Health Maintenance Organization ("HMO") plans.

We leverage Clover Assistant in our Preferred Provider Organization ("PPO") and Health Maintenance Organization ("HMO") plans.

We aim to provide affordable, high-quality healthcare and we offer most of our members (referred to as "members") in our Medicare Advantage ("MA") plans among the lowest average out-of-pocket costs for primary care provider ("PCP") and specialist co-pays in their respective markets.

We strongly believe in providing our members with provider choice and consider our PPO plan to be our flagship insurance product.

We strongly believe in providing our members with provider choice and consider our PPO plans to be our flagship insurance product.

An important feature of our MA product is its wide physician network.

We often offer the same cost-sharing (co-pays and deductibles) for visits with primary care providers who are in-network and out-of-network.

We manage care on our wide network by empowering providers with data-driven, personalized insights for their patients (our members) through the use of Clover Assistant.

We manage care on our wide network by empowering providers with intuitive data-driven, personalized insights for their patients (our members) through the use of Clover Assistant.

We believe this enables providers to make improved clinical decisions.

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At January 1, 2025, we operated our MA plans in five states and 200 counties.

In 2021, we expanded into our Non-Insurance segment when we made Clover Assistant available in Medicare fee-for-service through the Centers for Medicare & Medicaid Services ("CMS") Accountable Care Organization ("ACO") Realizing Equity, Access, and Community Health ("REACH") ("ACO REACH Model" or "ACO REACH") Model.

On December 1, 2023, the Company notified CMS that it will no longer participate as a REACH ACO beginning with the 2024 performance year.

The Company’s exit from the ACO REACH Program was made after the Company determined that it is in its best interest to fully exit the ACO REACH Program, and follows the Company's November 2022 announcement of a strategic reduction in the number of ACO REACH participating physicians in 2023.

We complement our contracted healthcare providers and their patients with our in-home primary care program, Clover Home Care.

We complement our wide-network physicians and their patients with our longitudinal home-based primary care program for our highest acuity members, Clover Home Care, powered by Clover Assistant.

This program covers the most medically complex patients, often with advanced comorbidities.

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We have made it a priority to work with Medicare beneficiaries in underserved markets.

This includes MA members who self-report their race or ethnicity and identify as people of color, members diagnosed with at least two chronic diseases, and members living in communities that fall within the top five deciles of what the government defines as areas of socioeconomic deprivation.

This includes MA members diagnosed with at least two chronic diseases, as well as members living in communities that fall within the top five deciles of what the government defines as areas of socioeconomic deprivation.

We are heavily invested in helping provide care for those who are most in need.

During 2024, the Company launched Counterpart Health, Inc., a new Software-as-a-Service (“SaaS”) and Tech Enabled Services Solution to bring the power of Clover Assistant technology to external payors and providers serving the Medicare eligible population.

This external offering aims to equip clinician users with the Company's already built, clinician-centric, and AI-powered care management platform.

Strategically, Counterpart Health, Inc., a subsidiary of Clover Health, aims to extend the benefits of data-driven proven technology and personalized care to a wider audience, enabling enhanced patient outcomes and reduced healthcare costs across the nation.

Counterpart Health is complementary to Clover Health, and enables the Company to deploy and expand the reach of its existing technology asset for new potential growth and high margin business opportunities, with low startup costs.

Unless the context otherwise provides, references to Clover Assistant in this report also refer to Counterpart Assistant, as applicable.

Clover Health was incorporated on October 18, 2019, as a special purpose acquisition company and a Cayman Islands exempted company under the name Social Capital Hedosophia Holdings Corp.

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and changed its name to Clover Health Investments, Corp.

Our principal executive offices are located at 3401 Mallory Lane, Suite 210, Franklin, Tennessee 37067.

We are a remote first company.

Accordingly, we do not maintain a headquarters.

Stockholder communications required to be sent to our principal executive offices may be directed to the email address:

secretary@cloverhealth.com, or to our agent for service of process at The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801.

Our telephone number is (201) 432-2133.

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Our Opportunity

We believe we have an opportunity to fundamentally change healthcare by providing easy access to care from providers across the country.

We believe we have an opportunity to fundamentally change healthcare by providing easy access to care via technology-enabled providers across the country.

By leveraging our Clover Assistant platform, we believe we can raise the level of care provided by every provider and scale in ways that traditional managed care plans and risk-bearing provider groups cannot.

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Approximately 68 million people were enrolled in Medicare in 2024.

That number is expected to rise, equating to over $1.5 trillion in total expenditures by 2030.

That number is expected to rise, equating to approximately $1.5 trillion in total expenditures by 2030.

Within Medicare, the MA market made up approximately $503 billion of annual spend in 2024 and is expected to grow to approximately $857 billion by 2030.

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Clover Assistant

Clover Assistant is a purpose-built technology platform that empowers providers to deliver data-driven, personalized care to help physicians detect, identify, and manage diseases earlier and better than they otherwise could.

This physician-enablement platform is designed to synthesize comprehensive, longitudinal sets of data to generate provider-focused machine learning, artificial intelligence, and rules-based insights, and drive action by surfacing the most relevant, personalized information about each patient to his or her provider.

For a given patient, we aim to equip physicians utilizing Clover Assistant with synthesized sets of collated and actionable data, to identify, manage and subsequently treat disease burdens earlier.

The combination of these features enables physicians to deliver a better patient experience for our beneficiaries, as physicians are able to more effectively identify clinical opportunities to treat patients using data-driven, personalized insights.

Clover Assistant is a purpose-built technology platform that empowers providers to deliver intuitive data-driven, personalized care to help physicians detect, identify, and manage diseases earlier.

This physician-enablement platform is designed to synthesize comprehensive, longitudinal sets of data to generate provider-focused machine learning, artificial intelligence and rules-based insights, and to drive action by surfacing the most relevant, personalized information about each patient to his or her provider.

Through this democratization of data access for providers, we seek to reduce the variability in clinical decision-making, drive improved adherence to evidence-based protocols, and help providers deliver better care.

We believe the key features that differentiate our Clover Assistant technology platform from other platforms include the following:

Enables data-driven, personalized, and actionable insights

Our proprietary technology platform is at the center of the Company's technology-first approach to driving better care management.

The image below represents an example of the Clover Assistant interface:

We believe the key features that differentiate our Clover Assistant platform from other healthcare technology include the following:

Enables intuitive data-driven, personalized and actionable insights

Clover Assistant aggregates and structures millions of data points per day, derived from a variety of data sets, such as claims data, medical charts, medication data, diagnostic data, and data generated from electronic health records ("EHR"), across dozens of typically siloed and inconsistently formatted data feeds.

It connects this data with up-to-date, evidence-based protocols and patient-specific plan information to generate data-driven, personalized, and actionable insights available to providers for use in their treatment and management of patient care.

Engages providers

Since launching our platform in July 2018, we have driven provider adoption of the Clover Assistant platform through its user-centric design, highly actionable and real-time clinical content, enhanced Clover Assistant payments and simple onboarding.

It connects this data with up-to-date, evidence-based protocols and patient-specific plan information to generate intuitive data-driven, personalized and actionable insights available to providers for use in their treatment and management of patient care.

Engages healthcare providers

Since launching our platform in July 2018, we have driven provider adoption of our Clover Assistant platform through its user-centric design, highly actionable and real-time clinical content, enhanced fee for service payment model and simple onboarding.

Our platform provides actionable clinical content through an intuitive interface that easily integrates into the providers' workflow.

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We aim to make Clover Assistant available to physicians in ways that best suit them and their practices.

To date, dozens of practices have opted to use Clover Assistant in this manner, with adoption continuing to grow.

Delivers differentiated plan performance

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Taking this holistic approach helps us to improve personalized chronic disease management and care coordination.

Clover Health has published data demonstrating the technology’s impact on Medication Adherence, as well as the earlier identification and management of Diabetes and Chronic Kidney Disease.

The following features of our clinical care capabilities provide significant value to providers and our beneficiaries:

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Clover Assistant identifies opportunities for improvement in clinical quality gaps, including those prioritized by CMS' Star Ratings Program (plan performance measures that drive bonus payments for plan providers), such as prescription drug adherence, regular cancer screenings and the annual flu shot.

By addressing these quality gaps with evidence-based guidelines, we expect to reduce costs and improve care over the long term.

By improving patient care management plans and addressing these quality gaps with evidence-based guidelines, we expect to reduce costs and improve care over the long term.

• Disease burden identification.

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By surfacing potential conditions that may be asymptomatic or otherwise unaddressed, providers can proactively treat conditions and drive better care for their patients.

The combination of these features enables providers to deliver a better patient experience for our beneficiaries, as providers are able to more effectively identify clinical opportunities to treat patients using data-driven, personalized insights.

Of critical importance, when providing actionable advice, Clover Assistant shares with the providers the specific reasons why a recommendation is being made so that the provider can exercise his or her own judgment in deciding whether to accept or reject a care recommendation.

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• Clover Home Care .

Home-based care management for our most complex patients.

Home-based care management for our most complex and highest acuity patients.

• Supportive Care .

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Clover Assistant supports coordination of our high risk-members' care through our clinical programs, from identification of members who would benefit from such programs, through engagement to clinical care.

Utilizing Clover Assistant to raise the standard of care of providers, we are able to target a broad spectrum of markets, including traditionally underserved markets that are generally not viable for others because those markets often lack large, integrated providers, commonly relied on by MA insurers, that are willing to assume the financial responsibility for patient care.

Underpinned by our software, our strategy centers on the following three steps:

(1) Our data shows that since 2021, MCRs for members enrolled in our In-Home Care program (highest acuity population) have decreased over a three year period.

Broadly speaking, our strategy can be summarized as follows:

By utilizing Clover Assistant to raise the standard of care of providers, we are able to target a broad spectrum of markets, including traditionally underserved markets that are generally not viable for others because those markets often lack large, integrated providers, commonly relied on by MA insurers, that are willing to assume the financial responsibility for patient care.

More specifically, our strategy centers on the following steps:

Select markets to deploy our innovative model.

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Our open network design is particularly attractive compared to our competitors' usual narrow networks.

Through our subsidiary, Counterpart Health, we aim to extend the benefits of our data-driven technology platform to a wider audience of healthcare providers outside our MA plan, and enable enhanced patient outcomes and reduced healthcare costs on a nationwide scale.

◦ Complementary offering to drive growth & profitability

◦ New SaaS & Tech-Enabled Services revenue streams with low startup costs

◦ More clinicians empowered with AI-power proven technology

Our Strengths

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Clover Assistant empowers physicians and other providers who operate outside of clinical settings, offices, or hospitals.

It supports, for example, our in-home primary care program enabling lengthy interactions for our lives under management with the most advanced illnesses or complex conditions.

It supports, for example, our in-home primary care program enabling lengthy interactions for our lives under Clover management with the most advanced illnesses or complex conditions.

It also supports in-home programs targeting patients who have been recently discharged from hospitals or who do not receive regular care from a PCP.

Sales and Marketing

In our Insurance segment, we market our MA plans through a broad range of activities and through an extensive network of insurance brokers and field marketing organizations.

We market our MA plans through a broad range of activities and through an extensive network of insurance brokers and field marketing organizations.

We also enter into co-branding arrangements with providers and other provider institutions.

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The physician enablement space is highly competitive, and there are many players competing within the technology space as well as within segments of Medicare such as MA and Original Medicare.

We compete in certain segments within the healthcare market, including MA plans as well as other healthcare technology platforms, and intend to enter into others, such as new payment models offered by CMS.

We compete in certain segments within the healthcare market, including MA plans as well as other healthcare technology platforms, and intend to enter into others, including other models offered by CMS.

Competition in our market involves rapidly changing technologies, evolving regulatory requirements and industry expectations, new product offerings and constantly evolving beneficiary and provider preferences and user requirements.

We face competition from incumbent MA sponsors, many of whom are developing their own technology or partnering with third-party technology providers to drive improvements in care.

Our competitors include large, national insurers, such as UnitedHealth, Aetna, Humana, Cigna, Centene, and Elevance Health, as well as regional plans such as Blue Cross Blue Shield affiliates, Alignment Health, Devoted Health, Oscar Health, and provider-sponsored plans such as Ochsner Health and Priority Health.

We also face competition from Original Medicare providers and health insurance companies.

We also face competition in the physician enablement space from offerings and tools that allow providers to offer value-based care, offerings such as EHRs and other tools that promote high physician enablement, and any other product or tool designed to enable a physician to improve care.

Companies such as Agilon and Privia Health have offerings that compete directly or indirectly with our offerings.

Also, as we develop other products and enter new lines of business, and other companies do the same, we may compete with providers of healthcare technology platforms, EHR providers, telehealth providers, healthcare data analytics providers, and ACOs.

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Our vision is made possible through the efforts put forth by our teams.

We strive to attract and retain diverse talent from all different backgrounds and industries--we value Machine Learning Data Scientists the same way we value Clinical Pharmacists, the same way we value Claims Analysts.

We strive to attract and retain highly qualified talent from different skillsets, professional backgrounds and industries in support of our range of businesses from technology to healthcare.

Bringing together motivated, inquisitive and mission-oriented talent has provided us with a strategic advantage and is key to our success.

Clover strives to provide a collaborative and inclusive work environment, competitive market compensation, and benefits programs and growth opportunities that empower our employees to deliver positive outcomes for beneficiaries.

Clover strives to provide a collaborative and supportive work environment, competitive market compensation and benefits programs and growth opportunities that empower our employees to deliver positive outcomes for beneficiaries.

At December 31, 2024, we had 570 employees with approximately 87% in the U.S.

and 8% in Hong Kong with the remaining 4% disbursed in various countries.

Our workforce was 63% Female and 37% Male, and was 47% Caucasian/White and 53% racially/ethnically diverse backgrounds.

and 9% in Hong Kong with the remaining 4% dispersed in various countries.

Excellence in Distributed Work

We are a distributed team from the Board on down and believe our distributed approach to teams allows us to attract the best talent for each and every role.

We operate a distributed team model from the Board of Directors on down within our organization, and we believe that our distributed approach to teams allows us to attract the best talent for each and every role, without geographic constraints.

In August 2018, we opened an office in Hong Kong, which has since grown to a team of 49 employees.

We have continued to expand our workforce globally into several additional international locations.

Cultivating Diversity, Equity, & Inclusion

We have made a deliberate effort to cultivate a diverse and inclusive culture at Clover.

Early on in our history, Clover created a Diversity & Inclusion (D&I) Working Group focused on making Clover a more diverse, equitable, and inclusive Company.

For us, diversity includes not only race and gender identity, but also age, disability status, veteran status, sexual orientation, religion, and many other parts of one's identity.

All of our employees' points of view are key to our success, and inclusion is everyone's responsibility.

By creating a designated space for learning, conversations, and furthering initiatives, we aim to enrich Clover for our employees and communities.

Members of our D&I Working Group also develop and deliver various resources to our teams, including an ally-ship training series and "best practices" materials on topics such as inclusive meetings and health equity.

Affinity Groups are employee-led groups, open to Clover employees who identify with an affinity and are looking for community and support within the Company.

Clover's Affinity Groups continue to grow as grassroots communities bringing together employees with a shared affinity.

We currently have five Affinity Groups with a total of over 150 members and growing:

Black Employee Network;

Asian, Asian American, and Pacific Islander;

Mi Gente (Latine/Hispanic);

Queer at Clover;

and Clover Wome/xn (all employees identifying as women).

Additionally, our mental health benefits include options to join expert-led external peer circles around healing communities in times of crisis.

We are in the fifth year of our New Perspectives Program, a reverse mentorship program that creates a space for leaders to receive mentorship from junior- and mid-level employees about lived experiences and key information leaders need to understand in their role.

These conversations have focused on a range of themes, such as the experiences of LGBTQ+ employees, Latina employees, and understanding biases that lead to who gets elevated and who gets left behind in the workplace.

Building Future Leaders

We seek to empower our employees to do their best work and aim to provide a variety of in-house and external resources to help them achieve their maximum potential.

Our approach to development starts during onboarding, when employees are presented with customized 30/60/90-day onboarding plans.

These plans are created by employees' hiring managers and reviewed by our Hiring Committee, with the goal of providing structure to onboarding and defining key wins and early successes as they join Clover.

Our approach to development starts during onboarding, when employees are presented with customized 30/60/90-day onboarding plans as well as automated review cycles via our performance management system to support their progress.

These plans are created by employee’s hiring managers and reviewed by our Hiring Committee, with the goal of providing structure to onboarding and defining key wins and early successes as they join Clover.

The onboarding plans also provide opportunities for check-ins, feedback and re-prioritization of workload.

In 2023, we maintained our focus on talent identification and development, aligned with the leadership development framework established in 2022.

We conducted a comprehensive talent review of our director-level and above employees early in the year to gain insights into our bench of talent in senior roles.

In 2024, we conducted a comprehensive talent review of our director-level and above employees to gain insights into our bench of talent in senior roles.

Additionally, we initiated a leadership development skills coaching program with an external vendor tailored for mid-level managers across Clover.

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Throughout the year, several key leaders participated in executive coaching engagements and leadership development activities facilitated by external partners.

We intend to expand participation in relevant programs for more leaders in 2024.

Furthermore, we introduced a new tool designed to assist employees and managers in crafting individual development plans to support their ongoing growth beyond 2024.

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Ensuring our teams have a variety of avenues to provide feedback in a safe way has been core to our ethos.

Each year we conduct an inclusion survey, focused on equity, inclusion, and belonging.

Key themes are shared with the entire company, and each leader receives feedback relating to their area.

Our evolving performance management process supports a culture of transparency, engagement and continuous feedback.

Our annual performance management cycle includes a 360 calibration review for employees at all levels as we believe it provides the most holistic and meaningful snapshot on performance.

In 2023, we officially rolled out a new performance management and survey tool to the broader organization in an effort to centralize our data and provide a more engaging user experience for our employees.

We released modules to support managers, employees, and peers in connecting via 1:1s, providing feedback, setting goals, establishing development plans, completing reviews, and more.

In 2024, we deepened our investment in our performance management and survey tool by focusing on individual development plans by equipping managers and employees with better tools to support conversations related to setting meaningful career goals, encouraging every employee to establish a structured path for growth.

Additionally, we matured our survey strategy to provide more actionable insights across the employee experience in areas like leadership, support, culture and overall employee experience.

By refining our approach to pulse surveys, our annual engagement survey, and performance feedback, we aim to create a more responsive, data-informed environment that fosters both individual and organizational growth.

Attracting & Retaining Top Talent

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We are subject to various federal laws and regulations, and our activities are subject to regulation by several federal agencies.

The most comprehensive oversight comes from CMS, which regulates our MA plans and the ACO REACH Model.

The most comprehensive oversight comes from CMS, which regulates our MA plans.

CMS regulates the payments made to us and the submission of information relating to the health status of patients for purposes of determining the amounts of those payments.

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In addition, the Department of Health and Human Services Office of Inspector General also audits risk adjustments of companies offering MA plans, and we anticipate this remaining a focus of government inquiries and investigations in the next few years.

A portion of each MA plan's reimbursement is tied to the plan's “Star Ratings” received pursuant to CMS’s Medicare Advantage Star ratings system.

CMS annually awards between 1.0 and 5.0 Stars to Medicare Advantage plans based on performance in several categories.

CMS released the Company’s 2024 Star ratings in October 2023, related to the 2022 measurement year, which will impact the 2025 payment year.

For both of the Company's plans (PPO and HMO), CMS gave a rating of 3.0 Stars for measurement year 2022, which represents a 0.5 Star rating decrease for both plans from the 2021 measurement year.

The 3.0 Star rating will impact the 2025 payment year.

In the calendar year 2024, the Company will be paid on the basis of 3.5 Stars for both our PPO and HMO plans, which ratings were previously awarded.

In addition, Star Ratings affect a plan's image in the market, and higher-rated plans may offer enhanced benefits and additional enrollment opportunities than other plans.

Pursuant to CMS’s Medicare Advantage Star ratings system, CMS annually awards between 1.0 and 5.0 Stars to Medicare Advantage plans based on performance in several categories.

Star ratings affect a plan's image in the market, and higher-rated plans may offer enhanced benefits and additional enrollment opportunities than other plans.

The Star rating system considers a variety of measures adopted by CMS, including the quality of preventative services, chronic illness management, compliance, and overall customer satisfaction.

Please see Item 7, "Management Discussion and Analysis, CMS Star Ratings" of this Report for an overview of the Company's recent Star ratings adjustments.

Privacy, security, and data standards regulation

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In particular, regulations promulgated pursuant to HIPAA impose a number of obligations on issuers of health insurance coverage and health benefit plan sponsors.

Health insurers, HMOs, and healthcare providers that transmit health information electronically are included in HIPAA's definition of "Covered Entities." Regulations promulgated to implement HIPAA and the Health Information Technology for Economic and Clinical Health Act ("HITECH") also require that "business associates" (e.g., entities that perform functions or provide services involving the use or disclosure of protected health information to health plans and providers, such as electronic claims clearinghouses, print and fulfillment vendors, consultants and those services we expect to provide on behalf of our Direct Contracting providers) acting for or on behalf of Covered Entities be contractually obligated to meet HIPAA standards.

Health insurers, HMOs, and healthcare providers that transmit health information electronically are included in HIPAA's definition of "Covered Entities." Regulations promulgated to implement HIPAA and the Health Information Technology for Economic and Clinical Health Act ("HITECH") also require that "business associates" (e.g., entities that perform functions or provide services involving the use or disclosure of protected health information to health plans and providers, such as electronic claims clearinghouses, print and fulfillment vendors and consultants acting for or on behalf of Covered Entities be contractually obligated to meet HIPAA standards.

These regulations govern privacy and security of electronic health information;

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International Regulation

We have operations, including certain contracted operations and software research and development in other countries, such as Canada, Hong Kong, New Zealand, the U.K., Uruguay, the Philippines, Mexico, India, the Dominican Republic and Colombia and are subject to regulation in the jurisdictions in which those operations are organized or conduct business.

We have direct operations in Hong Kong and Canada and certain contracted operations and software research and development in various other countries and are subject to regulation in the jurisdictions in which those operations are organized or conduct business.

These regulatory regimes vary from jurisdiction to jurisdiction.

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We use the investor relations page of our website for purposes of compliance with Regulation FD and as a routine channel for distribution of important information, including news releases, analyst presentations, financial information and corporate governance practices.

We also use certain social media channels as a means of disclosing information about the Company and our products to our customers, investors and the public, including @CloverHealth and #CloverHealth on X (formerly known as Twitter), and the LinkedIn account of our Chief Executive Officer, Andrew Toy.

The information posted on social media channels is not incorporated by reference in this report or in any other report or document we file with the SEC.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business