Clara Analytics Introduces Fresh AI Advancements
CLARA Analytics, a leading provider of AI technology for insurance claims optimization, has announced two new AI-powered innovations: Risk Notes and Claim Event Indicators. These tools are designed to transform claims processing by providing proactive identification and real-time addressing of claim issues, driving the future of claims handling [1][2].
Risk Notes are designed to decode claim complexity and update automatically with new information. They highlight critical gaps in time limit or policy limit demands and can escalate cases for management review, ensuring no important claim goes unnoticed [1]. On the other hand, Claim Event Indicators focus on identifying key turning points across the claim life cycle, such as first notice of loss, return-to-work planning, litigation, and settlement. They help claims professionals manage claims more effectively by providing them with precise, real-time insights into each claim's complexities and potential risks [1].
CLARA Triage further streamlines the claims management process by making it easy for adjusters to manage claims that need attention while streamlining others that likely won't require additional intervention. It helps teams prioritize specific claims and prompts them to take recommended actions [1]. The tools also provide continuous oversight and strategic guidance, ensuring that every claim in the portfolio is continuously assessed with unparalleled accuracy and precision [1].
The new AI-powered innovations, Risk Notes and Claim Event Indicators, are available immediately for workers' compensation claims. Auto and general liability will be added in the coming months [1]. According to Wilson, the aim of the launch is to amplify human expertise with smarter tools, rather than replacing it [1].
This proactive AI approach replaces traditional retrospective sample file reviews with continuous, full-portfolio assessment, helping claims organizations address operational pain points such as missed opportunities and oversight gaps in real time. It shifts claims handling towards predictive and corrective actions, improving outcomes while supporting management with actionable intelligence and enhanced visibility across all claims [1].
References: [1] CLARA Analytics. (2022). Press Release: CLARA Analytics Unveils Risk Notes and Claim Event Indicators to Transform Claims Processing. Retrieved from https://www.clara-analytics.com/press-releases/clara-analytics-unveils-risk-notes-and-claim-event-indicators-to-transform-claims-processing [2] Insurance Business America. (2022). CLARA Analytics unveils AI-powered claim management tools. Retrieved from https://www.insurancebusinessmag.com/us/news/technology/clara-analytics-unveils-ai-powered-claim-management-tools-166786.aspx
The new AI-powered innovations, Risk Notes and Claim Event Indicators, are revolutionizing the insurance industry by offering proactive identification and real-time addressing of claim issues. Risk Notes, which update automatically with new information, ensure no important claim goes unnoticed by decoding claim complexity and highlighting critical gaps in time or policy limits. Claim Event Indicators, on the other hand, provide precise, real-time insights into each claim's complexities and potential risks, focusing on key turning points across the claim life cycle. These innovative tools, initially available for workers' compensation claims, aim to amplify human expertise with smarter tools, rather than replacing it, and are set to transform the entire claims management process, including auto and general liability, through continuous assessment and strategic guidance.
