CLARA analytics raises $25 million
CLARA Analytics, the company improving claims outcome in commercial insurance through easy-to-use-AI, has closed $25 million in Series B funding, bringing its total funding to $36.5 million. The round was led by growth equity firm Aspen Capital Group with participation from Series A lead Oak HC/FT and additional investors.
CLARA’s suite of AI-based software, which includes CLARA claims, CLARA providers, CLARA litigation as well as its Medicare Set-Aside solution, is used by insurers such as Berkshire Hathaway Homestate Companies, EMC Insurance, Amerisure, and QBE Insurance. The company uses both structured and 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 generate predictions and other insights for claims teams. For example, adjusters can identify claims where medical notes don’t include a COVID diagnostic code but reference terms such as “shortness of breath” and “fever” for claimants based in locations with high infection rates and engage the right specialist on their team to ensure those claims are handled in a prescribed way.
“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.” – CLARA analytics CEO Gary Hagmueller.
“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.” – Steven Jones, Chairman and Managing Partner at Aspen Capital Group.