CLARA Analytics is an artificial intelligence (AI) and data science company based over in Santa Clara, California. The company specializes in developing AI-based solutions for the insurance claims industry. One of it’s latest achievements is in raising $11.5m in Series A funding led by OAK HC/FT.
OAK HC/FT is a venture capital fund investing heavily in Healthcare Information & Services and Financial Services Technology. It was founded back in 2014 by Andrew Adams, Annie Lamont, and Patricia Kemp and is located in Greenwich, Connecticut. Already the company employs between 11-50 people, and that number is expected to grow now the new funding has been secured.
The company provides AI solutions to property and casualty and disability insurance claims providers by improving the medical management of claimants as well as lowering the cost of claims for insurers. CLARA providers are one way it does this. It’s a scoring engine that connects injured workers to the right providers, quickly. CLARA claims is another of the company’s AI tools. It’s essentially a warning system that helps a company’s claim teams to organise and manage claims, reducing the need for escalation.
“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,” said founder and Chief Executive Officer (CEO) of CLARA, Jayant Lakshmikanthan.
“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.”
At the moment, CLARA solutions help claims companies improve the management of their claimant’s medical information as well as using AI to the best of their ability to help lower the overall cost of claims for insurers. The new funding will be used to further expand the company’s operation to other arms of insurance, such as liability, disability, and commercial auto.