According to reports, this addition completes CLARA’s casualty lines risk and exposure platform. The platform continuously monitors incoming claims data, providing actionable insights that alert adjusters to potentially high-risk claims.
The technology aids experienced professionals in optimising claims outcomes and resolving cases rapidly.
CLARA’s AI platform uses NLP technology
The platform uses natural language processing to extract detailed information from claims reports, medical records, and legal correspondence. Tailored specifically for general liability claims, the platform uses machine learning algorithms to identify variables that correlate with litigation, medical escalation, and other outcomes that drive higher costs.
The news follows CLARA Analytics, recently being recognised as a top-100 most innovative insurtech company, which helps insurance carriers achieve an ROI of 500% or more while optimising outcomes for injured parties and policyholders.
The insurtech currently focuses on workers’ compensation, commercial auto, and general liability coverage. The company’s product suite applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, 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.
Speaking about the launch, CLARA’s CEO, Heather H. Wilson, said, “We’re excited to solve claims challenges and elevate best practices for general liability carriers, including managing general agents and managing general underwriters, third-party administrators, reinsurers, and self-insured organisations.”
New insurtech solutions streamline processes
Reducing processing time has become a major consideration for providers as automation becomes more popular. The CLARA Optics reduces document review time with automated medical records and legal demands transcription, extraction and organisation to highlight important claim details.
CLARA Triage helps claims managers focus on high-risk claims to determine the optimal path to resolving them while fast-tracking low severity claims. Finally, CLARA Litigation offers insights on attorney performance and settlement guidance to help payers reach amicable settlements and avoid costly litigation.
“CLARA’s augmented intelligence consistently delivers outstanding return on investment for insurers and self-insured organisations in the commercial auto liability and workers’ compensation lines,” added Wilson.