NEW YORK & SANTA CLARA, Calif.–(BUSINESS WIRE)–January 4, 2018–

CLARA analytics (“CLARA”), a number one synthetic intelligence (AI) and knowledge science firm specializing in constructing easy-to-use AI-based options targeted on claims operations for the Property & Casualty and Disability insurance coverage industries, at the moment introduced a $11.5 million Series A funding spherical led by Oak HC/FT. CLARA permits the $800 billion international business property and casualty market to enhance monetary efficiency by lowering the billions of in claims leakage that happens yearly.

Today, options from CLARA empower staff’ compensation claims organizations to enhance the medical administration of claimants whereas concurrently decreasing the prices of claims with easy-to-use AI-based options, CLARA suppliers and CLARA claims. CLARA’s superior analytic options incorporate the most recent in AI know-how to cut back claims leakage and frictional prices for insurance coverage firms and self-insured firms by:

  • Detecting (early) potential litigation and optimizing authorized illustration to enhance outcomes and scale back protection bills.
  • Connecting claims to the proper suppliers to cut back indemnity prices.
  • Ensuring optimum therapy protocol is adopted to cut back medical prices and misplaced time for injured staff.
  • Ensuring applicable claims useful resource(s) from the outset are aligned primarily based on claims complexity to enhance outcomes.
  • Enabling the group to leverage machine studying to scale the finest practices of senior adjusters and managers to the broader group to enhance general efficiency.

“CLARA is a primary mover in using AI to dramatically enhance claims outcomes for the P&C business. Their know-how is very superior and has already pushed sturdy ROI for its prospects by decreasing as much as 10 p.c of claims indemnity and loss adjustment bills,” says Andrew Robinson, govt in residence at Oak HC/FT. “We sit up for partnering with CLARA in constructing their enterprise and to proceed to develop and mature options for different property and casualty traces of enterprise.”

Jayant Lakshmikanthan, founder and CEO of CLARA analytics, provides, “CLARA brings collectively a mixture of the most recent in AI know-how, in depth insurance coverage business experience, and a design considering method to quickly drive significant worth for our prospects. We are excited to welcome Oak HC/FT to the staff and sit up for leveraging their in depth insurance coverage and insurtech experience.”

CLARA’s prospects vary from market main and small specialty targeted carriers to self-insureds and TPAs. The options are at the moment targeted on staff’ compensation however will quickly prolong to different traces like business auto, normal legal responsibility in addition to incapacity.

Oak HC/FT is the premier enterprise growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). The fund and its traders include deep area expertise and are uniquely positioned to supply entrepreneurs and firms with strategic counsel, board-level participation, and entry to an intensive community of business leaders. Mr. Robinson might be becoming a member of CLARA as chairman, and Matt Streisfeld will be a part of the board of administrators.

About CLARA analytics

CLARA analytics empowers staff’ compensation claims groups to quickly get injured staff again on observe with easy-to-use synthetic intelligence (AI)-based options. Its CLARA suppliers search engine is an award-winning supplier scoring engine that helps quickly join injured staff to the proper suppliers, whereas CLARA claims is an early warning system that helps frontline claims groups effectively handle claims, scale back escalations and perceive the drivers of complexity. CLARA’s prospects embrace a broad spectrum – from the highest 25 insurance coverage carriers to small, self-insured organizations. For extra info, go to www.claraanalytics.com, and comply with CLARA analytics on LinkedIn, Facebook and Twitter.

About OAK HC/FT

Oak HC/FT (http://oakhcft.com) is the premier enterprise fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). We are targeted on driving transformation in these industries by offering entrepreneurs and corporations with strategic counsel, board-level participation, marketing strategy execution and entry to our in depth community of business leaders. Follow Oak HC/FT on Twitter, LinkedIn and Medium.

CLARA suppliers and CLARA claims are logos of CLARA analytics. All different model names and resolution names are logos or registered logos of their respective firms.

Tags: Oak HC/FT, CLARA analytics, staff compensation, staff comp, synthetic intelligence, AI, machine studying, healthcare, insurance coverage, predictive analytics, knowledge science, property and casualty

Media:
Edelman for Oak HC/FT
Erica Sunkin, 212-729-2126
erica.sunkin@edelman.com
or
TECHMarket Communications for CLARA analytics
Dottie O’Rourke, 650-344-1260
CLARAanalytics@techmarket.com

This article sources info from VentureBeat