The latest investment will drive AI-powered breakthroughs in commercial insurance and help the company expand its footprint.
The Property & Casualty (P&C) industry was already witnessing a massive disruption before the COVID-19Opens a new window outbreak. The crisis has sped up the use of AI in claims processing. Amid these turbulent times, Clara Analytics latest funding round underscores continued growth in the fintech market. The predictive analytics company raised $25 million in Series B funding led by growth equity firm Aspen Capital Group with participation from Oak HC/FT and additional investors. The injection of fresh funds will expand its global footprint, extend its product suite for employers and insurance companies and hire top talents.
Founded in 2015, Clara Analytics enhances the claims processing in commercial insurance and saves insurers and employers millions of dollars in worker compensation claims with its AI-driven software. Clara’s suite of AI-powered products uses both structured and unstructured data to gain information from medical notes, bills and generate actionable insights and predictions for the claims teams.
Clara Analytics CEO Gary Hagmueller saysOpens a new window , â€œWe are reshaping the entire claims process by analyzing millions of data points and generating meaningful and actionable insights in a matter of seconds.â€
The latest funding shows there’s a big appetite for AI in the insurance industry. In light of this health crisis, insurers want to adopt new tools and additional data to steer through the changes in claim, litigation and healthcare delivery. And Clara’s AI software and cross-industry data lake will enable companies to access valuable insights that will help them make faster and smarter decisions.
Hagmueller further added, â€œWith 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.â€
Additionally, to meet the rising demand, the company will utilize the financing in growing its customer-facing sales and support teams, product team and boost its workers compensation expertise.
â€œWe see dozens of different ways CLARA’s AI can be applied,â€ says Steven Jones, Chairman and Managing Partner at Aspen Capital Group. â€œWe 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,â€Jones added in closing.