TechDogs-"CLARA Analytics Raises $24M In Series C Funding, Accelerating AI Adoption For Insurance Claims"

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CLARA Analytics Raises $24M In Series C Funding, Accelerating AI Adoption For Insurance Claims

By Business Wire

Business Wire
Overall Rating

SANTA CLARA, Calif.--(BUSINESS WIRE)--#AI--CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (AI) technology for insurance claims optimization, today announced its $24 million Series C funding, bringing its total funding to $60 million. This round was led by new investor Spring Lake Equity Partners, with participation from existing investors including Aspen Capital Group, Oak HC/FT and QBE Ventures.

“Insurers are facing increased pressure to manage losses and expenses, and they have awakened to the value that AI can generate in claims management. We have witnessed this first-hand, having experienced significant growth in our customer base and more than doubling our annual recurring revenue. We have continued to increase our penetration of the workers’ comp industry while also expanding into auto liability and general liability,” said CLARA Analytics CEO Heather H. Wilson. “We’re excited to have Spring Lake Equity Partners as our new lead investor. We see this funding as a tremendous vote of confidence, especially in light of the very tight funding environment.”

The new round further establishes CLARA’s leading position as the AI platform provider of choice for insurance carriers and self-insured organizations. CLARA intends to use the investment to further enhance its platform’s leading AI capabilities, including generative AI, predictive modeling, and natural language processing capabilities.

“The insurance industry is facing a perfect storm of forces that have been driving losses higher in recent years,” said Jeff Williams, Partner at Spring Lake Equity Partners. “CLARA’s AI platform is the missing ingredient that empowers several of the world’s most innovative carriers and self-insured companies to rein in spiraling loss costs and deliver tremendous value to policyholders and shareholders. CLARA is poised to dominate this space because they are laser-focused on claims optimization and delivering a substantial return on investment for their customers.”

CLARA’s solutions identify relevant information embedded in medical notes, bills and legal demands, combining that information with a vast store of cross-industry data to yield valuable insights for claims teams and risk managers. CLARA’s platform of AI-based software includes CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA Optics and CLARA MSP Compliance. The company’s software is used by some of the world’s leading insurers, including Berkshire Hathaway Homestate Companies, AmTrust, Amerisure, and QBE, and self-insured organizations. Last month, Amazon announced that it selected CLARA as its technology partner for a new program aimed at improving health and claim outcomes for their corporate workers’ compensation claims.

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 product suite 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 X, formerly known as Twitter.

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

Tags: CLARA Analytics, Spring Lake Equity Partners, Aspen Capital Group, Oak HC/FT, QBE Ventures, litigation, commercial insurance, Series C, funding, general liability, auto liability, insurtech, claims optimization, claims adjusters, claims managers, artificial intelligence, AI, generative AI, machine learning, claims, claims management, predictive analytics, workers compensation, property and casualty

Contacts

Dottie O’Rourke
TECHMarket Communications for CLARA Analytics
650-344-1260
CLARAanalytics@techmarket.com

First published on Thu, Sep 7, 2023

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