CLARA Analytics offers CLARAty.ai, an AI-driven Claims Intelligence Platform that utilizes Document Intelligence to analyze claims documents and medical records, providing actionable insights for risk professionals and adjusters. The platform addresses high loss costs and claim expenses by optimizing claims management processes and reducing the time required for medical cost projections and fraud detection.
Funding
$60.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
The insurance claims process is often hampered by time-consuming manual reviews of documents, rising medical costs, and difficulties in detecting fraudulent claims, leading to increased loss costs and claim expenses. Inefficient claims processing can also result in delays in medical cost projections and increased attorney involvement.
Solution
CLARA Analytics offers CLARAty.ai, a Claims Intelligence Platform that leverages Document Intelligence and AI-driven claims management to provide actionable insights for risk professionals and adjusters. The platform uses AI to scan and analyze claim documents and medical records, alerting teams to actionable insights and optimizing claims management processes. By leveraging an extensive claims database and machine learning, CLARAty.ai helps reduce loss costs and claim expenses, improve care selection, minimize litigation costs, and streamline medical cost projection reporting. The platform integrates with existing RMIS systems via APIs, ensuring a focus on operational adoption and early ROI.
Target Audience
The primary target audience includes insurance carriers, MGA/MGUs, reinsurers, and self-insured organizations focused on reducing loss costs and claim expenses in casualty claims.
Features
- AI-powered claims document intelligence for quick scanning and analysis of claim documents and medical records
- Automated triage to identify potentially costly claims early and reduce indemnity days paid
- Optimized care selection to reduce loss costs and improve patient outcomes
- Litigation module to understand defense panel performance and minimize attorney involvement
- Streamlined MSP (Medicare Secondary Payer) compliance for faster and more accurate future medical cost projections
- AI-based fraud detection to identify and reduce payment on fraudulent losses
- Integration with core RMIS systems and workflows via APIs
- Industry benchmarking using an unmatched claims database