Leading communications company selects CLARA Optics to enhance document intelligence for appraisers
Sunnyvale, California, April 17, 2024–(BUSINESS WIRE)–CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (AI) technology for insurance claims optimization, today announced that it has been selected as a foundation by one of the world's largest personal auto insurers. It was announced that the For our efforts in AI-powered insurance claims management. CLARA helps carriers make sense of vast amounts of information, streamline claims management, improve medical outcomes, and reduce administrative burden on adjusters.
The company's CLARAty.ai platform incorporates machine learning, predictive AI, natural language processing (NLP), and generative AI (GenAI) to address specific problems and challenges for both commercial and personal insurers. We're powering a suite of products aimed at solving problems.
Top 10 carriers use proprietary document intelligence to compile legal claim packages and medical records for transcription, extracting meaningful details and providing actionable insights to claims managers. Introducing our product, CLARA Optics. CLARA's AI technology ingests incoming medical records and collection letters, identifies critical information including problematic legal language, flags key deadlines and action items, and adjusts claims management as new information emerges. provide the latest information to those involved.
The CLARAty.ai platform combines leading large language models (LLMs) and proprietary technology to create a powerful tool that significantly exceeds general-purpose AI platforms. Extract structured data from very large documents to classify, filter, and analyze incidents based on factors such as injury severity, litigation potential, and time constraints.
CLARA’s AI technology also provides concise case summaries that allow adjusters to work efficiently and effectively and focus their attention on claims with the greatest potential impact. The company's generation technology isolates each client's data for both model training and operational purposes, so the data remains completely confidential and secure. Prospective customers can sample his CLARA Optics using their own data and experience the benefits first-hand before making a purchase decision.
“This win from one of the nation's largest property and casualty insurers further confirms that CLARA is delivering what insurers really need,” said CLARA CEO Heather H. Wilson. I've proven it.” “Plaintiffs' attorneys are investing heavily in AI. CLARA will level the playing field for insurers, enhance claims management, and reduce losses in auto liability, general liability, and workers' compensation. It’s an equalizer.”
The market leader has responded positively, increasing CLARA's annual recurring revenue (ARR) threefold over the past two years. Investors also recognize the value. CLARA has raised $28 million in Series C senior financing, including a recent investment from Nationwide Ventures. CLARA is also recognized as a sample vendor in Gartner®'s 2023 Digital Life and Property & Casualty Insurance Hype Cycle™.1
“The majority of our customers are achieving ROI of over 500% with AI,” Wilson added. “CLARA emerged in 2017 as an AI-first company with the premise that to achieve these benefits, insurers needed a purpose-built AI platform developed by claims management experts. Our attention to detail and deep understanding of the audiences using our technology enable this type of ROI. Masu.”
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1 Gartner, “Digital Life and Property & Casualty Insurance Hype Cycle, 2023,” Laurie Shotton, July 6, 2023
About CLARA Analytics
CLARA Analytics is a leading provider of AI as a Service (AIaaS) that improves claims outcomes for insurance companies, MGAs, reinsurers, and self-insured organizations. The company's platform applies image recognition, natural language processing, and other AI-based techniques to derive insights from medical records, legal claim packages, invoices, and other documents related to claims. CLARA's predictive insights provide claims professionals with augmented intelligence to help reduce claims costs and optimize outcomes for carriers, customers, and claimants. CLARA's customers include enterprises ranging from the world's top 25 insurance companies to large third-party administrators and self-insured organizations. His CLARA Analytics, founded in 2017, is headquartered in California's Silicon Valley. For more information, visit www.claraanalytics.com and follow the company on LinkedIn. @CLARAAnalytics.
All brand and solution names are trademarks or registered trademarks of their respective companies.
Tags: CLARA Analytics, CLARAty.ai, CLARA Optics, insurtech, claims optimization, claims adjuster, claims manager, artificial intelligence, AI, generative AI, GenAI, natural language processing, NLP, large-scale language models, LLM, Machine Learning, Claims, Auto Insurance, Workers' Compensation, Workers' Compensation, Claims Management, Predictive Analytics, Commercial Insurance, General Liability
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