Top 10 Personal Auto Carrier Turns to AI to Transform Claims Management – Yahoo Finance

author
4 minutes, 13 seconds Read

Leading Carrier Selects CLARA Optics to Empower Adjusters With Document Intelligence

SUNNYVALE, Calif., April 17, 2024–(BUSINESS WIRE)–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.”

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER and Hype Cycle are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20240417462656/en/

Contacts

Dottie O’Rourke
TECHMarket Communications for CLARA Analytics
650-344-1260
[email protected]

This post was originally published on this site

Similar Posts