Californian InsurTech CLARA analytics has unveiled a new AI-based toolkit to assist risk managers in evaluating insurance claims.
CLARA’s Risk Management Toolkit can be used to help adjusters manage claims and identify at-risk claims before they escalate.
The new tool uses machine learning and natural language processing techniques to analyse structured and unstructured data, which can inform decision-making and in turn reduce the seriousness and frequency of claims.
Incorporating unstructured data – such as observations mined from claim notes, medical records, images and other documents – into AI models can result in more accurate and detailed analysis on insurance claims, CLARA has said.
“Risk management has always been constrained — by time and by the types of data that could be analyzed,” said ClARA product manager Rohit Nair. “We’re changing this today, supplementing traditional trend analysis with AI and machine learning to pull out the gold nuggets from claim portfolios that signal adverse trends. This new holistic view empowers risk managers to efficiently address underlying costs.”
CLARA builds AI solutions which help insurance firms to reduce claim handling costs by keeping them on track throughout their lifecycle. Its solutions, which can integrate with any existing workflow or infrastructure, help to identify the best doctor for each claim, and mitigate claim costs by detecting those at highest risk of litigation or delays.
The platform can also be used to generate AI insights to identify litigation risk, find attorneys and resolve claims.
In January last year, the company raised $11.5m in its Series A investment round led by Oak HC/FT.
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