Clara Analytics Introduces AI Advancements
In a groundbreaking move, CLARA Analytics, a leading provider of AI technology for the insurance industry, has announced two new AI-powered tools: Risk Notes and Claim Event Indicators. These innovative tools are designed to enhance claims workflow through real-time AI oversight, transforming the claims processing landscape.
Risk Notes and Claim Event Indicators continuously assess every claim throughout its entire lifecycle, moving claims management from a reactive process based on retrospective reviews to a proactive approach. They identify deviations from best practices and missed opportunities in real time, enabling claims professionals and management to course-correct quickly and achieve optimal outcomes. This optimization reduces friction in the claims process, saves time and money, and increases efficiency and accuracy in handling every claim.
Risk Notes provide precise, actionable insights that spotlight critical risk factors in claims. These insights help in making informed decisions and taking prompt action to mitigate risks. On the other hand, Claim Event Indicators flag significant claim events or developments that may require attention or action.
The combination of Risk Notes and Claim Event Indicators is expected to drive the future of claims processing in the insurance industry. They deliver continuous AI-driven oversight addressing operational pain points by spotting issues early rather than relying on periodic file reviews of small samples after claims close. This leads to elevated strategic oversight and efficiency gains in claims workflows, helping insurers optimize performance and productivity with intelligence-driven decision-making.
CLARA Analytics' new tools are available immediately for workers' compensation claims, with auto and general liability to be added in the coming months. The tools are designed as part of CLARA Triage, which helps teams prioritize specific claims and prompts recommended actions. CLARA Triage makes it easy for adjusters to manage claims that need attention while streamlining others that likely won't require additional intervention.
It's important to note that these tools are not replacing human expertise but amplifying it with smarter tools that provide continuous oversight and strategic guidance. Risk Notes, for instance, provide dynamic narrative summaries of claim complexity, updating with new information. Claim Event Indicators are built on advanced logic that automates decision-making around claim closure tactics.
CLARA Analytics' strategic use of AI to lead the insurance industry towards handling claims more proactively and efficiently, improving outcomes with precise data insights when they are most needed, is commendable. The company's recent client win with Risk Administration Services, Inc., and exceptional results from its partnership with Guidewire, are testament to this.
In conclusion, the introduction of Risk Notes and Claim Event Indicators marks a significant step forward in the insurance industry's journey towards intelligent, proactive, and efficient claims processing.
[1] CLARA Analytics press release, [Date]
- The innovation in insurtech, as demonstrated by CLARA Analytics' new AI-powered tools Risk Notes and Claim Event Indicators, is revolutionizing the insurance industry, shifting claims processing from reactive to proactive with real-time AI oversight.
- The event indicators, part of CLARA Analytics' AI technology, are built on artificial intelligence, allowing for the automation of decision-making around claim closure tactics and flagging significant claim events for attention or action, thus driving the future of claims processing in the industry.
