CLARA Analytics, a provider of artificial intelligence (AI) technology for insurance claims optimization, has completed a $24 million Series C funding round, bringing its total funding to $60 million.
With this latest funding, the company aims to enhance its platform’s AI capabilities, including generative AI, predictive modeling and natural language processing (NLP), according to a Thursday (Sept. 7) press release.
This funding round highlights the growing recognition of the value that AI can bring to claims management in the insurance industry, according to the press release.
The company has experienced significant growth in its customer base, more than doubling its annual recurring revenue, the release said. CLARA Analytics has also expanded its presence in the workers’ compensation industry and ventured into auto liability and general liability.
“Insurers are facing increased pressure to manage losses and expenses, and they have awakened to the value that AI can generate in claims management,” CLARA Analytics CEO Heather H. Wilson said in the release.
The company’s solutions, including CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA Optics and CLARA MSP Compliance, are trusted by leading insurers like Berkshire Hathaway Homestate Companies, AmTrust, Amerisure and QBE, as well as self-insured organizations, according to the press release.
In one recent development, Amazon has chosen CLARA Analytics as its technology partner for a program aimed at improving health and claim outcomes for their corporate workers’ compensation claims, the release said.
Jeff Williams, partner at Spring Lake Equity Partners, said in the release that CLARA Analytics’ AI platform is the “missing ingredient” that enables carriers and self-insured companies to control escalating loss costs. Williams believes the company is well-positioned to dominate this space due to its focus on claims optimization and its ability to deliver a substantial return on investment for its customers.