CLARA Analytics, a prominent provider of artificial intelligence (AI) technology for insurance claims optimization, has been chosen by one of the world’s largest personal auto insurance companies to drive their AI-enabled claims management initiatives. This strategic partnership aims to leverage CLARA’s expertise in interpreting vast amounts of information, streamlining claims management processes, enhancing medical outcomes, and reducing administrative burdens for adjusters.
The company’s CLARAty.ai platform integrates machine learning, predictive AI, natural language processing (NLP), and generative AI (GenAI) to offer a range of products tailored to address specific challenges in both commercial and personal insurance domains.
The insurance giant will implement CLARA Optics, a specialized document intelligence product designed to compile legal demand packages and medical records for transcription. This innovative solution extracts pertinent details, provides actionable insights to claims managers, and highlights crucial information such as problematic legal language, key deadlines, and action items.
By combining leading large language models (LLMs) with proprietary technology, the CLARAty.ai platform excels in extracting structured data from extensive documents, enabling the sorting, filtering, and analysis of cases based on injury severity, litigation likelihood, and time sensitivity.
Moreover, CLARA’s AI technology generates precise case summaries to aid adjusters in focusing on high-impact claims, enhancing efficiency and effectiveness. The company ensures data confidentiality and security by isolating each client’s information for model training and operational purposes.
Heather H. Wilson, CEO of CLARA, emphasized the significance of this collaboration, stating that CLARA’s advanced AI technology levels the playing field for insurers, bolstering claims management processes and reducing losses across various insurance segments.
Following positive responses from industry leaders, CLARA has experienced significant growth, tripling its annual recurring revenue (ARR) over the past two years. The company recently secured million in Series C Preferred financing, with investments from Nationwide Ventures among others. Gartner has also recognized CLARA as a Sample Vendor in its Hype Cycle for Digital Life and P&C Insurance, 2023.
CLARA’s commitment to delivering exceptional ROI through its purpose-built AI platform, developed by claims management experts, has garnered acclaim among customers worldwide. The company’s focus on detail and understanding of user needs has been instrumental in achieving remarkable returns on investment.
It is important to note that Gartner does not endorse specific vendors or products in its research publications. CLARA Analytics, founded in 2017 and headquartered in Silicon Valley, continues to lead the way in AI-driven solutions for improved casualty claim outcomes in the insurance industry. For more information, visit www.claraanalytics.com.
