NEW YORK & SANTA CLARA, Calif.--(BUSINESS WIRE)--CLARA analytics (“CLARA”), a leading artificial intelligence (AI) and data science company specializing in building easy-to-use AI-based solutions focused on claims operations for the Property & Casualty and Disability insurance industries, today announced a $11.5 million Series A funding round led by Oak HC/FT. CLARA enables the $800 billion global commercial property and casualty market to improve financial performance by decreasing the billions of dollars in claims leakage that occurs annually.
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:
- Detecting (early) potential litigation and optimizing legal representation to improve outcomes and reduce defense expenses.
- Connecting claims to the right providers to reduce indemnity costs.
- Ensuring optimal treatment protocol is followed to reduce medical costs and lost time for injured workers.
- Ensuring appropriate claims resource(s) from the outset are aligned based on claims complexity to improve outcomes.
- Enabling the organization to leverage machine learning to scale the best practices of senior adjusters and managers to the broader organization to improve overall performance.
“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,” says Andrew Robinson, executive in residence at Oak HC/FT. “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, adds, “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.”
CLARA’s customers range from market leading and small specialty focused carriers to self-insureds and TPAs. The solutions are currently focused on workers’ compensation but will soon extend to other lines like commercial auto, general and professional liability as well as disability.
Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). The fund and its investors contain deep domain experience and are uniquely positioned to provide entrepreneurs and companies with strategic counsel, board-level participation, and access to an extensive network of industry leaders. Mr. Robinson will be joining CLARA as chairman, and Matt Streisfeld will join the board of directors.
About CLARA analytics
CLARA analytics empowers workers’ compensation claims teams to rapidly get injured workers back on track with easy-to-use artificial intelligence (AI)-based solutions. Its CLARA providers search engine is an award-winning provider scoring engine that helps rapidly connect injured workers to the right providers, while CLARA claims is an early warning system that helps frontline claims teams efficiently manage claims, reduce escalations and understand the drivers of complexity. CLARA’s customers include a broad spectrum — from the top 25 insurance carriers to small, self-insured organizations. For more information, visit www.claraanalytics.com, and follow CLARA analytics on LinkedIn, Facebook and Twitter.
About OAK HC/FT
Oak HC/FT (http://oakhcft.com) is the premier venture fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). We are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Follow Oak HC/FT on Twitter, LinkedIn and Medium.
CLARA providers and CLARA claims are trademarks of CLARA analytics. All other brand names and solution names are trademarks or registered trademarks of their respective companies.
Tags: Oak HC/FT, CLARA analytics, workers compensation, workers comp, artificial intelligence, AI, machine learning, healthcare, insurance, predictive analytics, data science, property and casualty