SANTA CLARA, Calif.--(BUSINESS WIRE)--CLARA Analytics (“CLARA”), the leading provider of artificial intelligence (AI) technology in the commercial insurance industry, today announced changes and additions to its product suite. The newly configured CLARA Triage, CLARA Treatment, CLARA Litigation and CLARA MSP Compliance products are designed to meet the needs of each unique phase of the claim life cycle to achieve the best possible outcomes.
“We’ve spent a tremendous amount of time with carriers of all sizes, discussing the kinds of functionality that would help them most and where gaps exist in current insurtech solutions,” said CLARA CEO Gary Hagmueller. “Addressing these needs through innovation, CLARA takes AI to the next level. We’ve developed offerings that fundamentally change the way claims are handled, start to finish, and we will continue to drive the industry forward.”
CLARA effectively removes AI from the “black box” to operationalize it so that rich insights can be applied easily and practically to claims, saving time and money. CLARA’s products leverage advanced AI, machine learning, and predictive technology to identify at-risk claims, give claims representatives vital information about what will drive a claim’s escalation, and provide tools such as action plans to intervene and reduce attorney involvement. If a claim requires litigation, CLARA can generate vital attorney and settlement data to ensure the best outcome.
CLARA’s product suite includes impressive new capabilities, as the underlying technology that formerly powered CLARA Claims is applied in exciting new ways for even greater efficiency and outcomes. CLARA’s latest offerings are:
- CLARA Triage: Designed for the earliest stages of a claim, the new CLARA Triage application analyzes a large number of data points to determine and predict the claim’s potential risk and cause(s) of complexity as well as identify who should handle the claim in order to achieve the best outcome. According to CLARA’s testing, its predictive results were 20-30% more accurate than any other AI-based product at the earliest stages of a claim; CLARA Triage provides much needed clarity on a claim’s direction.
- CLARA Treatment: During the treatment phase of a claim, adjusters need to make sure that the medical care process stays on track. CLARA Treatment examines the medical phase of a claim, delivering clear information regarding the best providers to handle an injury; what type of future care might be involved, such as surgery or physical therapy; which specialists have the greatest success with a particular type of injury; and more.
- CLARA Litigation: Litigation is one of the most significant expenses associated with a claim, which is why CLARA seeks to head off attorney involvement early in the life of a claim. But sometimes litigation becomes unavoidable. When this happens, CLARA Litigation applies AI to solve the two biggest issues: finding the right attorney to litigate a claim and determining a fair settlement. The company’s latest version of CLARA Litigation analyzes even more characteristics associated with both the claimant’s attorney and the claim itself to identify the right lawyer for the carrier to resolve the claim favorably. CLARA predictive capabilities have been enhanced to provide more accurate data-driven insights on whether or not to settle a claim and for how much, analyzing a wealth of data points culled from across the industry and based on similar claims and jurisdictions.
- CLARA MSP Compliance: The only product of its kind, CLARA MSP Compliance reduces a Medicare-required process of estimating future medical costs from three to four weeks down to just minutes. CLARA’s technology analyzes medical records that are thousands of pages long, pulling out all relevant data and rapidly, accurately calculating cost estimates based on similar cases. Its technology compares dozens of factors that have been proven to influence costs and care.
“AI is the way the industry is going, and CLARA is light years ahead of everyone else, especially when it comes to things like MSP Compliance,” said Tom Veale of Tristar Risk Management. “We’ve been a CLARA customer for the past few years, and the quality and usefulness of its products are unparalleled; it’s predictive models are incredibly accurate and easy for our adjusters to use. The new additions and enhancements will enable our team to be even more efficient and yield even better outcomes moving forward.”
CLARA’s current product lines are designed for workers’ compensation and commercial auto claims. For more information, please visit www.claraanalytics.com.
About CLARA Analytics
CLARA Analytics improves claims outcomes in commercial insurance with easy-to-use AI-based products. The company’s product suite applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, bills and other documents surrounding a claim. CLARA’s predictive insight gives adjusters “AI superpowers” that help 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 2016, CLARA Analytics is headquartered in California’s Silicon Valley. For more information, visit www.claraanalytics.com, and follow CLARA Analytics on LinkedIn and Twitter.
CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA MSP Compliance and CLARA Claims are trademarks of CLARA Analytics. All other brand names and solution names are trademarks or registered trademarks of their respective companies.
Tags: CLARA Analytics, commercial insurance, artificial intelligence, AI, data science, machine learning, workers compensation, commercial auto, insurtech, insuretech, claims, litigation, Medicare
