CLARA Analytics, an artificial intelligence (AI) and data science company focused on the P&C and disability insurance industries, aims to reduce the cost of claims with AI-based solutions by reducing claims leakage and frictional costs for both insurance companies and self-insured corporations.
The company has raised $11.5 million of Series A funding from Oak HC/FT, a private equity fund that invests in healthcare information & services and financial services technology.
CLARA’s customers range from specialty focused carriers to self-insureds and TPAs. The solutions are currently focused on workers’ compensation but will soon extend to other lines like commercial auto, general and professional liability as well as disability.
“CLARA is a first mover in utilizing AI to dramatically improve claims outcomes for the P&C industry. Their technology is highly advanced and has already driven strong ROI for its customers by reducing up to 10 percent of claims indemnity and loss adjustment expenses,” said Andrew Robinson, executive in residence at Oak HC/FT.
“We look forward to partnering with CLARA in building their business and to continue to develop and mature solutions for other property and casualty lines of business.”
Jayant Lakshmikanthan, founder and CEO of CLARA Analytics, added: “CLARA brings together a combination of the latest in AI technology, extensive insurance industry expertise, and a design thinking approach to rapidly drive meaningful value for our customers. We are excited to welcome Oak HC/FT to the team and look forward to leveraging their extensive insurance and insurtech expertise.”
Robinson will join CLARA as chairman following the investment and Matt Streisfeld will join the board of directors.
CLARA Analytics, AI, Self-insurance, North America