CLARA analytics raises $25m to transform commercial insurance with AI
CLARA analytics, an artificial intelligence technology provider in the commercial insurance industry, has raised $25 million in a Series B funding round, thereby taking its total funding to $36.5 million.
The Series B round was led by Aspen Capital Group, a growth equity firm, with participation from Oak HC/FT, which led the Series A round, along with additional investors.
Steven Jones – Chairman and Managing Partner at Aspen Capital Group said: “We see dozens of different ways CLARA’s AI can be applied. We are impressed with the depth of product functionality, deep customer relationships, and the demonstrable return on investment that CLARA’s solutions deliver to customers in workers compensation, and we believe CLARA is well positioned to drive similar breakthroughs in other insurance lines of business.”
CLARA analytics plans to utilize the funds to extend its product suite, recruit critical industry talent, and expand its global presence.
CLARA analytics raises $25m to transform commercial insurance with AI. Image courtesy of Gerd Altmann from Pixabay.
The insurtech company is said to use structured and also unstructured data to unlock relevant seeds of knowledge from medical notes, bills, and other documents and bring them into a cross-industry data lake to deliver valuable predictions and other insights for claims teams.
CLARA analytics’ suite of AI-based software, which includes CLARA claims, CLARA litigation, CLARA providers, and also Medicare Set-Aside solution, is used by insurers such as Berkshire Hathaway Homestate Companies, QBE Insurance, EMC Insurance, and Amerisure.
Gary Hagmueller – CLARA analytics CEO said: “We are reshaping the entire claims process by analyzing millions of data points and generating meaningful and actionable insights in a matter of seconds.
“With this funding, we’re excited to expand our team and extend into new product areas and markets and to have Aspen Capital Group as a new investor on that journey.”