SANTA CLARA, Calif.--(BUSINESS WIRE)--CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (AI) technology for insurance claims optimization, announces extended capabilities that empower insurance carriers to extract critical information from legal demand documents. CLARA Optics automates the transcription of medical records and legal correspondence, then highlights important details about each claim using industry-focused AI technology. The resulting insights enable insurers to identify and prioritize high-risk legal demand packages. Further, with a human-in-the-loop user interface, claims professionals can extract and summarize the medical data and distribute to downstream systems.
Founded in 2017 by insurance industry professionals, CLARA Analytics was built specifically for insurance carriers. As an early innovator in the insurtech AI space, the company has always been laser-focused on claims management.
“Unlike our competitors, CLARA incorporates deep property and casualty insurance domain-specific context,” said Mubbin Rabbani, Vice President of Product at the company. “By now, virtually everyone has seen examples in which general-purpose AI products have yielded highly questionable results. Rather than simply adapting general-purpose AI tools to claims management, CLARA has built its platform from the ground up with insurance claims in mind. When it comes to turning raw data into meaningful insights, that deep industry-specific context makes a huge difference.”
CLARA Optics is unique because it rests upon a large industry-specific data lake of information about claims, attorneys and medical providers. That makes it far more accurate than most other AI products targeted at the insurance industry.
CLARA has partnered with some of the largest carriers in the world, delivering impressive ROI for their customers. CLARA’s products provide valuable guidance for adjusters handling complex, high-risk claims. That enables busy claims managers to focus on the cases that matter most. The company’s ability to extract data from legal correspondence and accurately analyze that information sets it apart from its competitors.
These capabilities have become especially important in light of recent spikes in litigation. A recent change to Florida law, for example, triggered a wave of last-minute filings by plaintiffs’ attorneys aiming to initiate lawsuits before the new rules went into effect. Third-party litigation funding, likewise, has led to a significant increase in the number of legal claims.
Increasing litigation rates have led to a corresponding spike in legal correspondence. CLARA’s AI helps overburdened claims managers by ingesting that information and making sense of it, then prioritizing and highlighting the information that most needs attention. CLARA’s platform was built around a deep body of expertise in insurance claims. That translates to substantially better accuracy and value than could possibly be achieved using general-purpose AI technology.
“As AI technology matures, we’re starting to see a divergence between the overhyped pretenders versus the focused applications that are delivering real-world value in the here and now,” said Heather H. Wilson, CEO of CLARA Analytics. “For insurance carriers struggling to manage escalating claims with rising litigation rates, we’re providing a path to delivering meaningful ROI in less than a year. Our deep expertise in claims management is what makes that possible.”
About CLARA Analytics
CLARA Analytics is the leading AI platform for casualty claims that improves claims outcomes for commercial insurance carriers, MGAs/MGUs, reinsurers and self-insured organizations. The company’s claims intelligence platform applies image recognition, natural language processing, and other AI-based techniques to unlock insights from claim notes, medical records, legal demands and other data sources 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 @CLARAAnalytics and on LinkedIn.
CLARA Optics is a trademark of CLARA Analytics. All other brand names and solution names are trademarks or registered trademarks of their respective companies.
Tags: CLARA Analytics, CLARA Optics, litigation, commercial insurance, general 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
