SANTA CLARA, Calif.--(BUSINESS WIRE)--CLARA analytics (“CLARA”), the leading provider of artificial intelligence (AI) technology in the commercial insurance industry, today announced an advanced AI-based toolkit to assist risk managers in evaluating an entire claim population’s performance, understanding the underlying costs that affect a group of claims and predicting trends that could have a negative impact in the future. The new Risk Management Toolkit is part of the CLARA claims product, which utilizes AI to help adjusters better manage claims in real time and identify at-risk claims before they escalate.
The Risk Management Toolkit is unique in that it leverages a variety of machine learning and natural language processing techniques to analyze both structured and unstructured data, such as observations mined from claim notes, medical records, images and other documents. Incorporating unstructured data into AI models results in more accurate and detailed analysis that can inform decision-making and reduce the severity and frequency of claims.
Risk managers can use the toolkit to conduct on-demand analysis that identifies the factors driving claim complexity and attorney involvement. They can also review the providers and attorneys that affect costs within a group of claims to ascertain their macro impact versus what happens in a single claim. Analysis is based on the predicted complexity of claims and is case-mix adjusted to offer a more precise and in-depth look than the average severity and frequency levels commonly found today.
“Risk management has always been constrained — by time and by the types of data that could be analyzed,” said Rohit Nair, product manager at CLARA analytics. “We’re changing this today, supplementing traditional trend analysis with AI and machine learning to pull out the gold nuggets from claim portfolios that signal adverse trends. This new holistic view empowers risk managers to efficiently address underlying costs.”
Because the new tool tracks trends over time, it is able to rapidly identify potential high-severity claims. Machine learning-based alerts are triggered when adverse trends occur so that claims teams can make necessary adjustments. Users do not have to wait for alerts to get an accurate read on what’s happening with a group of claims or to see the big picture. They can easily create custom dashboard views with extensive filters to generate reports to guide decisions based on up-to-the-minute data.
CLARA analytics will showcase the Risk Management Toolkit in Booth 1304 at RIMS 2019, being held April 28-May 1 at the Boston Convention and Exhibition Center. Additionally, CLARA analytics Founder and CEO Jayant Lakshmikanthan will discuss the changes that AI brings to the insurance industry in his session “Demystifying AI in Commercial Insurance,” on Tuesday, April 30, at 3:00 p.m. in the Innovation Hub-Booth 1099.
The Risk Management Toolkit is available today as part of CLARA claims. To learn more, please visit info.claraanalytics.com/data-sheet-rmt.
About CLARA analytics
CLARA analytics improves claims outcomes in commercial insurance with easy-to-use artificial intelligence (AI)-based products. CLARA’s suite helps claims teams reduce various sources of loss costs in claims handling by keeping claims on track throughout their life cycle. The suite uses the latest in AI and machine learning (ML) technology and can integrate easily into any workflow or infrastructure to rapidly start showing value. CLARA’s customers include companies from the top 25 insurance carriers to small, self-insured organizations. CLARA analytics was founded in 2015 and is headquartered in Silicon Valley in California. For more information, visit www.claraanalytics.com, and follow CLARA analytics on LinkedIn and Twitter.
CLARA claims, CLARA litigation and CLARA providers are trademarks of CLARA analytics. All other brand names and solution names are trademarks or registered trademarks of their respective companies.
Tags: CLARA analytics, artificial intelligence, AI, machine learning, commercial insurance, workers’ compensation, RIMS2019, workers’ comp, insuretech, claims, litigation, predictive analytics, risk management, data science