CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (AI) technology for insurance claims optimisation, 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 prioritise high-risk legal demand packages. Further, with a human-in-the-loop user interface, claims professionals can extract and summarise 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.”
Source: Clara Analytics
