Powered by the Largest Claims AI Dataset of Bodily Injury Cases Across Workers’ Compensation, Auto Liability, and General Liability, CLARA IaaS Delivers Real World Benchmarking for Better Outcomes

SUNNYVALE, Calif.: #AI--CLARA Analytics (“CLARA”), the leading provider of artificial intelligence (AI) technology for insurance claims optimization, today announced the launch of CLARA Intelligence-as-a-Service (IaaS), a groundbreaking solution that leverages data from CLARA’s existing products to empower claims executives with powerful information. With the largest claims AI dataset of bodily injury cases across workers’ compensation, auto liability, and general liability, insurance carriers and self-insured organizations can leverage CLARA IaaS for strategic decision-making. It draws on millions of records, spanning over a decade, to yield granular and accurate insights that can transform claims operations and profitability.

The new solution debuts as claims executives continue to grapple with loss and expense accuracy, social inflation, reserving adequacy, and the need for greater control over complex claims. By leveraging CLARA’s robust and detailed industry data, insurance carriers and self-insured organizations will be able to strategically query their own practices, drill down into aberrations, and identify opportunities to optimize reserving and settlement outcomes. No other provider can extend this capability.

Customers reap the benefits from this highly configurable, flexible solution. CLARA IaaS can be customized to meet business-specific needs, considering variables like:

• State-specific rules (legal, regulatory, compliance, etc.)
• Litigation factors (jurisdictional trends, plaintiff attorneys, etc.)
• Hazards (class codes, occupation, etc.)
• Damage attributes (body parts, nature and cause codes)
• Geographic dimensions (state, county, zip code)

The “apples-to-apples” comparison it delivers provides a clear, accurate understanding of an organization’s position relative to its peers and identifies specific areas for improvement. By combining CLARA’s proven AI platform with expert-curated reports and industry-leading benchmarking, organizations gain the actionable intelligence to improve outcomes and their bottom line.

“The breadth and depth of our dataset is unmatched. When carriers want to know what’s truly happening in their business and where they stand in the market, there’s no better source of truth,” said Heather H. Wilson, CEO of CLARA Analytics. “CLARA IaaS gives insurers insights they’ve never had before — the ability to clearly see where they stand, anticipate challenges, and make decisions with confidence.”

Key features of CLARA IaaS include:

• Industry Benchmarking: Customized benchmarks based on a contributory database that accounts for unique factors like jurisdiction, litigation environment, and hazard grades — adjusted and made relevant to your book.
• Expert-Curated Reports: In-depth analysis of key industry pressures and trends, built by insurance experts for insurance experts.
• Standardized KPI Tracking: Consistent metrics across claims, litigation and reserving for clear, comparable insights over time.
• Customizable Experience: Tailored reporting, visualizations and analytics to meet the unique needs and priorities of each client.

The solution is built onto CLARA's existing products, providing immediate value from first deployment.

The Power of Data

CLARA IaaS enables carriers and self-insured organizations to dive deeper into their actual insurance business performance than ever before. CLARA’s orchestrated data architecture lets customers analyze their normalized data in relation to industry benchmarks or in comparison to their own historical data.

One of the most immediate value drivers of CLARA IaaS in testing has been its ability to identify whether organizations are over- or under-reserving at various points in time based on loss triangles. This capability directly impacts balance sheet optimization and shareholder value creation. For example, over-reserving inflates reported loss ratios and masks true underwriting performance.

By providing unprecedented access to both proprietary business data and comprehensive market intelligence, CLARA IaaS enables claims leaders to make strategic decisions based on complete market visibility rather than limited internal perspectives.

“This isn’t just an improvement to claims management; it’s a shift toward proactive, strategic leadership,” added Wilson. “With CLARA IaaS, insurers finally have the clarity and control they need to drive better outcomes.”

CLARA IaaS is now available for workers’ compensation claims, auto liability, and general liability. Learn more at www.claraanalytics.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, CLARAty.ai, 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 insights give 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, IaaS, Intelligence as a Service, insurtech, claims, claims optimization, workers compensation, claims adjusters, claims managers, artificial intelligence, AI, machine learning, claims management, claims processing, predictive analytics, commercial insurance, auto insurance, general liability

Fonte: Business Wire