SAN FRANCISCO & SANTA CLARA, Calif.--(BUSINESS WIRE)--After a competitive selection process, Foresight Commercial Insurance (“Foresight”), an innovative managing general underwriter (MGU) of workers’ compensation insurance, has named CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (AI) technology for insurance claims optimization, as their partner in a new initiative that will use advanced technology to proactively collaborate with their third-party administrators (TPAs) and stay ahead of claim escalation with real-time monitoring of claims data.
As a technology-focused MGU, Foresight already has made significant progress in preventing workplace accidents using their proprietary Safesite platform that virtually provides safety coaching and state-of-the-art risk management technology. The company will implement CLARA’s Triage module to help proactively manage claims and accelerate claim cycles in the event of workplace injuries. CLARA’s AI platform will complement Foresight’s strategy of predicting and preventing injuries.
CLARA Triage helps adjusters to promptly identify high-risk casualty claims and flag them for proactive resolution. The AI platform is trained on a contributory database of millions of closed claims to provide a high level of predictive accuracy and broad benchmarking capabilities. The generated insights enable the assignment of the right claim to the right adjuster at first notice of loss. Claimants get the level of service they need for the severity of the injury, and Foresight’s claim professionals can focus on the claims that matter most. Overall, this approach leads to optimal medical outcomes for injured parties, gets workers back on the job quickly, and reduces overall claim costs.
“At Foresight, we’re always looking for ways to adopt innovative technology to better serve our customers and their injured workers,” said Kelly McLaughlin, Chief Insurance Officer at Foresight. “CLARA’s AI platform to predict and prevent claim escalation delivers impressive ROI for workers’ compensation MGUs, and we see it as a great fit for Foresight. CLARA’s products will help us understand workers’ compensation claim trends, get injured workers the best possible care, close claims faster, and ultimately reduce claims costs for our customers.”
Foresight’s technology-centric vision is aligned with CLARA’s mission of unleashing the power of AI to optimize claim outcomes. CLARA builds augmented intelligence solutions that reduce the manual and low-value claim processes to empower claims professionals to focus on getting the injured worker back to health.
“Foresight is recognized as a technology leader in workers’ compensation,” said Heather H. Wilson, CEO of CLARA Analytics. “That’s due in large part to their early adoption of AI to predict and prevent workplace injuries. In that respect, they’re a perfect fit with CLARA, which provides AI tools that not only drive productivity but also better outcomes for all parties. CLARA Triage provides a depth of predictive models and industry benchmarking that gives MGAs/MGUs the ability to focus on the claims that matter. The improved collaboration with their TPAs leads to lower claim expenses while helping an injured worker return to health faster. We are proud to be selected by Foresight.”
About Foresight Commercial Insurance
Foresight sees a future where workplace injuries are a thing of the past. As the insurer of the future, we prevent workplace accidents and reduce claims through best-in-class workers’ compensation insurance, powered by Safesite, our data-driven safety engagement app and virtual consulting program. Foresight works hard to protect businesses in core industries and their skilled laborers who are the backbone of the American economy. Learn more at www.getforesight.com. Please contact us at firstname.lastname@example.org or follow on Twitter and LinkedIn.
About CLARA Analytics
CLARA Analytics is the leading AI platform for casualty claims that improves claim outcomes for commercial insurance carriers, MGAs/MGUs, reinsurers and self-insured organizations. The company’s claims intelligence platform applies image recognition, natural language processing, generative AI and other AI-based techniques to unlock insights from claim notes, medical records, legal demand and other data sources 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. CLARA’s customers include companies from the top 25 global insurance carriers to large third-party administrators and self-insured organizations. Founded in 2017, CLARA Analytics is headquartered in California’s Silicon Valley. For more information, visit www.claraanalytics.com, and follow the company on LinkedIn and Twitter.
All brand names and solution names are trademarks or registered trademarks of their respective companies.
Tags: CLARA Analytics, Foresight Commercial Insurance, TPA, MGA, MGU, CLARA Triage, commercial insurance, workers comp, workers compensation, claims optimization, claims adjusters, insurance, artificial intelligence, managing general underwriter, managing general agent, AI as a service, AI, AIaaS, data science, predictive analytics, machine learning, insurtech, insuretech, claims, litigation, claims management, third-party administrator