Artificial intelligence (AI) and data science company, CLARA Analytics, announced on Thursday it raised $11.5 million Series A funding round led by OAK HC/FT for its AI insurtech claim solutions. Founded in 2016, CLARA Analytics states it builds easy-to-use, AI/machine-learning based products. The company revealed:
“Today, solutions from CLARA empower workers’ compensation claims organizations to improve the medical management of claimants while simultaneously reducing the costs of claims with easy-to-use AI-based solutions, CLARA providers and CLARA claims.”
CLARA’s advanced analytic solutions incorporate the latest in AI technology to reduce claims leakage and frictional costs for insurance companies and self-insured corporations by:
- Detects (early) potential litigation and optimizing legal representation to improve outcomes and reduce defense expenses.
- Connects claims to the right providers to reduce indemnity costs.
- Ensures optimal treatment protocol is followed to reduce medical costs and lost time for injured workers.
- Ensures appropriate claims resource(s) from the outset are aligned based on claims complexity to improve outcomes.
- Enables the organization to leverage machine learning to scale the best practices of senior adjusters and managers to the broader organization to improve overall performance.
While sharing details about the investment, Andrew Robinson, Executive in Residence at Oak HC/FT, stated:
“CLARA is a first mover in utilizing AI to dramatically improve claims outcomes for the P&C industry. Their technology is highly advanced and has already driven strong ROI for its customers by reducing up to 10 percent of claims indemnity and loss adjustment expenses. We look forward to partnering with CLARA in building their business and to continue to develop and mature solutions for other property and casualty lines of business.”
Jayant Lakshmikanthan, Founder and CEO of CLARA analytics, then added:
“CLARA brings together a combination of the latest in AI technology, extensive insurance industry expertise, and a design thinking approach to rapidly drive meaningful value for our customers. We are excited to welcome Oak HC/FT to the team and look forward to leveraging their extensive insurance and insurtech expertise.”