CLARA Analytics offers CLARAty.ai, an AI platform that analyzes structured and unstructured claims data using natural language processing, image recognition, predictive AI, generative AI, and large language models to generate case summaries, alerts, and recommendations for claims associates. The platform ingests medical notes, legal demand packages, bills, and other documents to surface actionable insights and optimize claim outcomes. CLARA serves customers ranging from top global insurance carriers to third-party administrators and self-insured organizations. The company says it has more than doubled its annual recurring revenue in the past year and expects rapid growth as AI adoption increases in claims management. CLARA was founded in 2017 and is headquartered in California’s Silicon Valley. Its product roadmap and positioning emphasize expanding AI-driven decision support across carrier workflows. CLARA Analytics offers an AI-as-a-service platform that applies image recognition, natural language processing, and predictive modeling to extract insights from medical notes, bills, legal demand packages and other claims documents. Its product suite includes CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA Optics and CLARA MSP Compliance. The company says it has more than doubled its annual recurring revenue and has grown its customer base, increasing penetration in the workers’ compensation market while expanding into auto liability and general liability. CLARA’s software is used by major insurers and self-insured organizations, including Berkshire Hathaway Homestate Companies, AmTrust, Amerisure and QBE; Amazon recently selected CLARA as a technology partner for a workers’ compensation program. The company plans to use the new funding to further enhance its platform’s AI capabilities, including generative AI, predictive modeling and natural language processing. Founded in 2017, CLARA Analytics is headquartered in California’s Silicon Valley. CLARA analytics offers a suite of AI-based products for commercial insurance claims, including CLARA claims, CLARA providers, CLARA litigation and a Medicare Set-Aside solution. The company ingests structured and unstructured data from medical notes, bills and other documents into a cross-industry data lake to generate predictions and insights for claims teams. Its products are used by leading insurers such as Berkshire Hathaway Homestate Companies, EMC Insurance, Amerisure and QBE Insurance, and by customers across the top 25 global carriers, large third-party administrators and self-insured organizations. One insurer using CLARA’s claims and providers solutions has seen claimants return to work 35% faster. CLARA plans to use the funding to extend its product suite, attract industry talent, expand global reach and invest heavily in customer-facing sales and support while augmenting its workers’ compensation expertise. The company also intends to expand into additional property and casualty insurance lines to address rising health care and litigation expenses. CLARA analytics is an AI and data science company that builds easy-to-use AI-based solutions for claims operations in the Property & Casualty and Disability insurance industries. Its flagship products, CLARA providers and CLARA claims, are focused on workers' compensation: CLARA providers is a provider-scoring search engine and CLARA claims is an early warning system for frontline claims teams. The company says its technology has delivered strong ROI for customers by reducing up to 10% of claims indemnity and loss adjustment expenses and aims to cut claims leakage across the $800 billion global commercial P&C market. CLARA's customer base includes top 25 insurance carriers, small specialty carriers, self-insured organizations and TPAs. Its solutions detect potential litigation early, connect claims to the right providers, ensure optimal treatment protocols, and align claims resources based on complexity. The company plans to extend its workers' compensation solutions to other lines such as commercial auto, general and professional liability, and disability.

Total raised

$61M

Funding rounds

4

Latest round

Series C

Latest activity

Sep 2023