According to recent research, AI-based software revenue is expected to climb from $9.5 billion in 2018 to $118.6 billion in 2025 as companies seek new insights into their respective businesses that can give them a competitive edge.
The InsurTech100 2022 List is a ranking that recognizes the innovators that are providing solutions to address the most pressing challenges faced by the insurance and InsurTech industry today. One of the 100 on the list is based in Santa Clara, and just announced a new product for general liability claims.
CLARA Analytics is an AI as a service (AIaaS) provider that it says improves casualty claims outcomes for commercial insurance carriers and self-insured organizations. The company was founded in 2017 and is headquartered in California’s Silicon Valley.
Artificial Intelligence as a Service (AIaaS) is the third-party offering of artificial intelligence (AI) outsourcing. It enables individuals and companies to experiment with AI for various purposes without a large initial investment and with lower risk.
It showcased the company’s product suite and latest innovations, including the new general liability solution, at RISKWORLD, which was held May 1-3, 2023, at Georgia World Congress Center in Atlanta. It announced its AI platform for general liability claims. The addition of general liability completes CLARA’s casualty lines risk and exposure platform.
The company’s product suite applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, bills and other documents surrounding a claim.
CLARA’s predictive insight gives claim professionals augmented intelligence to help them reduce claim costs and optimize outcomes for the carrier, customer and claimant.
CLARA says its customers include companies from the top 25 global insurance carriers to large third-party administrators and self-insured organizations.
CLARA’s casualty lines AI platform ingests both structured and unstructured claims data, using natural language processing to extract detailed information from claims reports, medical records, and legal correspondence. Tailored specifically for general liability claims, the platform uses machine learning algorithms to identify variables that correlate with litigation, medical escalation, and other outcomes that drive higher costs.
CLARA says it is leveraging its proven models and applying key learnings to its entire range of products to serve the general liability line of business:
– – CLARA Optics reduces document review time with automated medical records and legal demands transcription, extraction and organization to highlight important claim details.
– – CLARA Triage helps claims managers to focus on high-risk claims to determine the optimal path to resolving them while fast-tracking low severity claims.
– – CLARA Litigation offers insights on attorney performance and settlement guidance to help payers reach amicable settlements and avoid costly litigation.
A panel of analysts and industry experts voted from a longlist of over 1,400 companies produced by FinTech Global. The finalists on the InsurTech100 2022 List were recognized for their innovative use of technology to solve a significant industry problem, or to generate efficiency improvements across the insurance value chain.
Returning to this year’s list is Majesco, a SaaS software provider that they say empowers the success of the insurance industry’s digital transformation. The company acquired SaaS-based InsurTech Global IQX and also partnered with CyberCube to support growing demand for cyber insurance products
Another company on this year’s list, has also had a busy year, hyperexponential empowers actuaries, underwriters and executives to do what they do best with next generation pricing intelligence software. The company partnered with Canopius, a global specialty (re)insurer, to deploy its pricing platform.
According to research by FinTech Global, there were a total of 78 InsurTech seed deals in the first half of 2022 across 27 countries. With 66% occurring in the first quarter. The United States accounted for the most InsurTech seed deals in H1 2022 with 25 deals, a 32% share of total deals. Brazil and India were the second most active InsurTech seed deal country with six deals each this half.