Leading Carrier Selects CLARA Optics to
Empower Adjusters With Document Intelligence
CLARA Analytics (“CLARA”), a leading provider of artificial
intelligence (AI) technology for insurance claims optimization,
today announced it has been selected by one of the world’s largest
personal auto insurance companies as the foundation for their
AI-enabled claims management initiatives. CLARA helps carriers to
make sense of voluminous information, streamline claims management,
improve medical outcomes, and reduce administrative burdens for
adjusters.
The company’s CLARAty.ai platform incorporates machine learning,
predictive AI, natural language processing (NLP), and generative AI
(GenAI) to power a suite of products aimed at solving specific
problems and challenges for providers of both commercial and
personal insurance coverage.
The top 10 carrier will be implementing CLARA Optics, a
purpose-built document intelligence product that compiles legal
demand packages and medical records for transcription, extracts
meaningful details, and delivers actionable insights to claims
managers. CLARA’s AI technology ingests incoming medical records
and demand letters, identifies key information including
problematic legal language, flags key deadlines and action items,
and updates claims managers as new information emerges.
The CLARAty.ai platform combines leading large language models
(LLMs) with proprietary technology, creating a powerful tool that
vastly outperforms generic AI platforms. It can extract structured
data from very large documents, then sort, filter and analyze cases
based on factors such as severity of injuries, likelihood of
litigation, and time sensitivity.
CLARA’s AI technology also delivers succinct case summaries that
help adjusters to work efficiently and effectively, focusing their
attention on the claims with the highest potential impact. The
company’s generative technology isolates each client’s data for
both model training and operational purposes, so their data remains
fully confidential and secure. Prospective customers can sample
CLARA Optics using their own data to experience the benefits
first-hand before making a purchase decision.
“This latest win from one of the nation’s largest P&C
insurers further validates that CLARA is delivering what insurers
really need,” said CLARA CEO Heather H. Wilson. “Plaintiffs’
attorneys have invested heavily in AI. CLARA is an equalizer that
levels the playing field for insurers, supercharging claims
management and reducing losses in auto liability, general
liability, and workers’ comp.”
Market leaders have responded positively, leading to CLARA’s
tripling of annual recurring revenue (ARR) over the past two years.
Investors have recognized the value as well. CLARA raised $28
million in Series C Preferred financing including a recent
investment from Nationwide Ventures. CLARA has also been recognized
by Gartner® as a Sample Vendor in its Hype Cycle™ for Digital Life
and P&C Insurance, 2023.1
“The majority of our customers are achieving ROI in excess of
500% with AI,” added Wilson. “CLARA arrived on the scene in 2017 as
an AI-first company, founded on the premise that to achieve those
kinds of returns, insurers needed a purpose-built AI platform,
developed by experts in claims management. We’ve built our products
with an obsessive attention to detail and a deep understanding of
the audience that uses our technology. That’s what makes this kind
of ROI possible.”
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reserved.
1 Gartner, “Hype Cycle for Digital Life and P&C Insurance,
2023,” Laurie Shotton, 6 July 2023
About CLARA Analytics
CLARA Analytics is the leading AI as a service (AIaaS) provider
that improves casualty claims outcomes for insurance carriers,
MGAs, reinsurers, and self-insured organizations. The company’s
platform applies image recognition, natural language processing,
and other AI-based techniques to unlock insights from medical
notes, legal demand packages, bills and other documents surrounding
a claim. CLARA’s predictive insight gives claim professionals
augmented intelligence that helps them reduce claim costs and
optimize outcomes for the carrier, customer and claimant. CLARA’s
customers include companies from the top 25 global insurance
carriers to large third-party administrators and self-insured
organizations. Founded in 2017, CLARA Analytics is headquartered in
California’s Silicon Valley. For more information, visit
www.claraanalytics.com, and follow the company on LinkedIn and
@CLARAAnalytics.
All brand names and solution names are trademarks or registered
trademarks of their respective companies.
Tags: CLARA Analytics, CLARAty.ai, CLARA Optics, insurtech,
claims optimization, claims adjusters, claims managers, artificial
intelligence, AI, generative AI, GenAI, natural language
processing, NLP, large language model, LLM, machine learning,
claims, auto insurance, workers compensation, workers comp, claims
management, predictive analytics, commercial insurance, general
liability
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version on businesswire.com: https://www.businesswire.com/news/home/20240417462656/en/
Dottie O’Rourke TECHMarket Communications for CLARA Analytics
650-344-1260 CLARAAnalytics@techmarket.com