CLARA analytics, an AI-powered solution for the commercial insurance space, has scored $25m in its Series B round.
Aspen Capital led the round, with participation also coming from previous backer Oak HC/FT, as well as others.
With the fresh funds, the company will extend its product suite, hire more staff and increase its international expansion. To meet rising demand, the company is looking to expand its sales, support and product teams and enter new parts of property and casualty insurance.
CLARA analytics leverages structured and unstructured data to unlock information from medical notes, bills and other documents to offer claims teams deeper insights and predictions. The AI-powered solution is used by a number of insurers around the world including Berkshire Hathaway Homestate Companies, EMC Insurance, Amerisure, and QBE Insurance.
Its providers service will help identify the best doctor for each claim, while its claims solution helps lower costs by identifying the claims at risk for litigation or delays. Finally, its litigation tool uses AI to detect litigation risk and find the best attorney and resolve the claim quickly.
Aspen Capital Group chairman and managing partner Steven Jones said, “We see dozens of different ways CLARA’s AI can be applied.
“We are impressed with the depth of product functionality, deep customer relationships, and the demonstrable return on investment that CLARA’s solutions deliver to customers in workers compensation, and we believe CLARA is well-positioned to drive similar breakthroughs in other insurance lines of business.”
The close of the round puts the company’s total equity raised to $36.5m. CLARA closed its Series A round on $11.5m back in 2018 from Oak HC/FT.
Earlier in the year, Berkshire Hathaway Homestate Companies implemented the CLARA analytics solution to improve its compensation claims operations.
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