SANTA CLARA, Calif.--(BUSINESS WIRE)--CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (AI) technology for insurance claims optimization, today unveiled its CLARAty.ai platform, which advances the insurance claims process and assists claims professionals with their day-to-day work. Applying a holistic approach to claims, CLARA’s new platform empowers users with insights from across their traditional core systems to provide the information they need, when they need it, to resolve claims with unprecedented operational efficiency and for lower costs. The first-of-its-kind CLARAty.ai platform debuts on the heels of CLARA’s recent Series C funding announcement, as the company continues to innovate and expand to meet customers’ needs. CLARA will showcase select CLARAty.ai elements at ITC Vegas 2023 through Nov. 2.
With the launch of CLARAty.ai, CLARA redefines what should be considered as part of the core ecosystem. Rather than rely on separate claims solutions for different casualty lines, CLARA supports workers’ comp, auto liability, and general liability claims, with more to come in the near future. CLARAty.ai surfaces relevant information throughout the claim life cycle, providing an intelligence layer across traditional core systems, and transforms workflows. This novel approach accelerates the use of AI to drive rapid resolution of claims with the best possible outcomes.
“CLARAty.ai eliminates data silos that currently exist to make the most valuable information and insights from across the claims ecosystem actionable. By adding an intelligence layer to core admin systems, everything claims professionals need is accessible,” said CLARA Analytics CEO Heather H. Wilson. “They no longer have to work with multiple systems nor contend with cognitive overload from having too much information coming at them. The CLARAty.ai platform synthesizes data to enable both predictive and generative AI insights that claims professionals can use to do their jobs better, faster and easier.”
An Intelligent Way to Handle Claims
CLARA’s claims intelligence platform builds on the success of the company’s existing predictive capabilities and generative AI-enabled experiences, connecting them to provide a holistic picture. CLARAty.ai takes the information that CLARA produces and gives it to the claims professional to take the best next steps and apply cost containment strategies before claims escalate. From the onset, CLARA customers can leverage industry benchmark information, insights and recommended actions informed by a view history, key milestones, and probabilistic outcomes of a cohort of closed claims. The cohort of claims is based on CLARA’s contributory model from existing customers and their closed claim data.
By bringing all this data into a single intelligence layer, CLARA is also able to offer claims professionals new generative AI functions for advanced explainability on specific claims or entire claim portfolios. Users can summarize insights and next steps for a prescriptive solution that moves past alerts for a more forward-thinking, proactive experience. For example, CLARA’s generative AI technology could summarize a legal demand, inform the user of what’s coming, and provide insight into how they could proactively respond to that legal demand. This not only reduces work on the claims professional, but it also assists in getting to resolution faster.
“CLARAty.ai is a game-changer for us. We’ve been using CLARA’s AI products for several years with success, but moving to a claims guidance platform will give our claims professionals an intuitive intelligence layer that will assist them across the claim life cycle,” said Amerisure Insurance Chief Service Officer Steve Donnelly. “Beyond ease of use, CLARAty.ai will surface nuggets of information from different systems to improve claim outcomes. It will give our adjusters a complete picture of the claim unlike anything they’ve had before.”
CLARA is the leading claims intelligence platform for risk professionals. It serves as an AI decision support assistant for adjusters and is used at carriers, managing general agents (MGAs), managing general underwriters (MGUs), reinsurers, and self-insured organizations for loss cost and expense savings.
“As the insurtech market matures, particularly in terms of the way companies use AI, I expect we will see a shift, moving away from point solutions. It will be beneficial to insurance companies as new capabilities and features will inevitably come to market, driving further operational efficiencies,” said Patrick O’Neill, founder and president of Redhand Advisors, a leading consulting and advisory firm in the insurtech space.
The company will offer a demo of some of its latest CLARAty.ai platform components at ITC Vegas 2023. Please visit CLARA representatives at Booth 3033 at the Mandalay Bay Resort and Casino. Or go to www.claraanalytics.com to learn more.
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 product suite 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 X, formerly known as Twitter.
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Tags: CLARA Analytics, CLARAty.ai, #ITC, #ITCVegas, litigation, commercial insurance, general liability, auto liability, insurtech, claims optimization, claims adjusters, claims managers, artificial intelligence, AI, generative AI, machine learning, claims, claims management, predictive analytics, workers compensation, property and casualty, Amerisure Insurance, Redhand Advisors
