Powerful Generative AI Solution Poised to Drive Efficiencies and Reduce Costs

SUNNYVALE, Calif.: #AI--Specialty property and casualty insurance carrier IAT Insurance Group has selected CLARA Analytics Claims Document Intelligence Pro (Claims DocIntel Pro) as its newest AI platform to support its auto and general liability claims process. Claims DocIntel Pro will be leveraged to help streamline processes, reduce costs, and eliminate errors across the IAT Insurance Group claims operations.

“Generative AI offers a lot of promise, but it must be applied correctly, with great diligence and understanding of compliance nuances,” said Trent Haas, Executive Vice President and Chief Claims Officer at IAT Insurance Group. “CLARA brings deep knowledge and experience in claims and thoughtfully leverages technology to help address lengthy, tedious processes. We are excited by the time savings and claim insights from Claims DocIntel Pro and look forward to watching the ways it will improve our claims process and positively impact both our adjusters and customers.”

Purpose-built by and for claims professionals, Claims DocIntel Pro helps adjusters operate more efficiently and effectively by rapidly identifying bad faith doctrines, time-sensitive conditions, and key medical issues through a combination of best-in-class generative AI models with CLARA’s own proprietary AI tools. The product generates summaries based on salient details within claims, builds treatment timelines, and assesses the risk of claim escalation. It also alerts adjusters when action is needed. Because Claims DocIntel Pro’s models have been trained on CLARA’s large contributory database of closed claims, the product can deliver remarkably insightful recommendations based on millions of data points and a carrier’s own historical data.

IAT Insurance Group selected Claims DocIntel Pro to review legal demands and medical records for its auto and general liability claims because these often represent the highest cost centers with the greatest complexities. Relevant claim events can go unnoticed until well into the claim process, extending the life of the claim and the associated costs. With Claims DocIntel Pro, vital information is surfaced in a fraction of the time compared with existing solutions. This not only saves time but can also reduce losses by millions of dollars.

“IAT Insurance Group is a forward-thinking carrier. Its team understands the power of generative AI and how it can be a game-changer for their adjusters as well as their bottom line,” said CLARA CEO Heather H. Wilson. “We are honored that they have become a champion of Claims DocIntel Pro. This underscores the value of our transformational product as we work to define the future of claims.”

About IAT Insurance Group

IAT Insurance Group is a privately owned, specialty insurance company providing property, casualty and surety products for niche markets. IAT goes to market through diverse business units — Commercial Transportation; Homeowners; Programs; Inland Marine, Property and Aviation; Excess & Surplus; Reinsurance; Surety; and Management Liability. The IAT Insurance Group companies are rated A- Excellent by A.M. Best. Connect with IAT Insurance Group on LinkedIn and learn more about the company at www.iatinsurancegroup.com

About CLARA Analytics

CLARA Analytics is the leading AI as a service (AIaaS) provider that improves casualty claims outcomes for insurance carriers, MGAs, reinsurers, and self-insured organizations. The company’s platform applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, legal demand packages, bills and other documents 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 @CLARAAnalytics.

All brand names and solution names are trademarks or registered trademarks of their respective companies.

Tags: CLARA Analytics, IAT Insurance Group, Claims DocIntel Pro, insurtech, claims optimization, claims, claims management, claims adjusters, claims managers, auto insurance, general liability, property and casualty, workers compensation, workers comp, artificial intelligence, AI, generative AI, GenAI, machine learning, predictive analytics

Fonte: Business Wire