CLARA Analytics announces $24m Series C for AI in insurance claims
CLARA Analytics, a leading provider in the AI-driven insurance claims optimization sector, has secured $24 million in its Series C funding round. The latest investment, which brings the company’s total funding to $60 million, was spearheaded by new investor Spring Lake Equity Partners and saw participation from existing investors like Aspen Capital Group, Oak HC/FT, and QBE Ventures.
Investment to Fuel Expansion into Auto and General Liability Insurance
The new funding aims to solidify CLARA Analytics’ standing as a preferred AI platform for insurance carriers and self-insured organizations. According to CEO Heather H. Wilson, the capital will be directed towards further developing its platform’s AI capabilities. “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,” Wilson said.
Spring Lake Equity Partners Commits to CLARA’s AI-Driven Solutions
Spring Lake Equity Partners’ Jeff Williams sees the investment as a strategic move for the insurance sector. “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,” Williams stated. He affirmed that CLARA is well-positioned to dominate the space due to their focus on claims optimization.
Technology Partnership with Amazon and Broad Adoption
CLARA Analytics’ platform utilizes AI to identify vital information in medical notes, legal demands, and bills. The software suite includes products like CLARA Triage, CLARA Treatment, and CLARA Litigation, among others. Notably, CLARA’s technology is employed by some of the world’s leading insurers including Berkshire Hathaway Homestate Companies, AmTrust, Amerisure, and QBE. Last month, Amazon revealed that it has chosen CLARA as its technology partner for a new program aimed at enhancing corporate workers’ compensation claims.
With the latest round of funding, CLARA Analytics intends to further leverage AI technology to bring innovative solutions to the insurance industry, particularly in areas like predictive modeling and natural language processing. The new capital also marks a pivotal moment for the company, potentially setting the stage for continued growth and market penetration.