SUNNYVALE, Calif.--(BUSINESS WIRE)--CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (AI) technology for insurance claims optimization, today announced that they have achieved 100% year-over-year growth in annual recurring revenue (ARR), further solidifying their position as the top innovator in AI claims management technology for workers’ compensation, auto liability, and general liability carriers.
CLARA’s platform, CLARAty.ai, ingests both structured and unstructured data for each claim, identifies salient features based on AI models built upon historical closed claims, and provides valuable predictive guidance to claims professionals. The platform includes CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA Optics and CLARA MSP Compliance modules, which enable claims professionals to choose specific capabilities to tackle their rising insurance claims challenges.
“Investors, industry leaders, and analysts are responding extremely positively to CLARA’s rapid growth and customer success,” said CLARA Analytics CEO Heather H. Wilson. “Insurance carriers are seeing the value in terms of very rapid ROI, and forward-looking thought leaders are understanding just how impactful AI will be on the future of claims management. CLARA is proud to be in the lead position in this category, with tremendous forward momentum.”
Clientele includes many of the industry’s leading insurance carriers, including American Equity Underwriters, Berkshire Hathaway Homestate Companies, Foresight Insurance, and Amerisure. CLARA’s recent partnership with Nationwide underscores the company’s leadership position in AI-powered claims management. CLARA’s remarkable growth in ARR is accompanied by an impressive high net dollar retention rate.
“Over the last two years our ARR has tripled, reflecting the relentless dedication of our team and the unwavering trust of our valued customers,” Wilson added. “This remarkable milestone not only underscores our commitment to delivering cutting-edge AI solutions but also highlights the expanding investor and customer appetite for innovative AI technologies in the insurance and risk markets. We remain steadfast in our mission to drive further growth, harnessing the power of artificial intelligence to unlock new opportunities and create lasting value for all stakeholders.”
The company continues to draw attention from investors as well. In August 2023, CLARA raised $24 million in Series C funding from new lead investor Spring Lake, along with strong participation from existing investors Aspen Capital Group, Oak HC/FT, and QBE Ventures. Last month, CLARA announced yet another infusion of capital from Nationwide Ventures, which invests in companies that are shaping the future of insurance and financial services. To date, CLARA has raised a total of $64 million.
CLARA’s growth is fueled by its track record of delivering strong ROI for its customers, along with its reputation for industry-leading innovation and customer service. CLARA has been recognized by Gartner® as a Sample Vendor in its Hype Cycle™ for Digital Life and P&C Insurance, 2023.1
The CLARAty.ai platform and CLARA Optics with extended generative AI capabilities are among the company’s most notable new innovations.
CLARAty.ai offers a unified approach to claims management that eliminates silos and adds a rich intelligence layer to support claims professionals in workers’ compensation, auto liability, and general liability.
CLARA Optics adds generative AI capabilities for both medical records and legal demands. It automates document transcription, extracts and organizes important details about each case, and highlights relevant information for claims management personnel. Optics constantly scans for new information, offering intelligent alerts whenever new case material becomes available. That empowers adjusters, nurse case managers (NCMs) and legal teams to respond promptly and proactively as each case evolves.
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 is a registered trademark and service mark 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 other brand names and solution names are trademarks or registered trademarks of their respective companies.
Tags: CLARA Analytics, CLARAty.ai, CLARA Optics, CLARA Triage, CLARA Litigation, CLARA Treatment, MSP Compliance, workers compensation, workers comp, insurtech, claims optimization, claims adjusters, claims managers, nurse case managers, artificial intelligence, AI, generative AI, GenAI, machine learning, claims, claims management, predictive analytics, commercial insurance, auto liability, general liability, funding, ROI, Gartner Hype Cycle
