Clara analytics, a Santa Clara, CA-based artificial intelligence (AI) and data science company specializing in building AI-based solutions focused on claims operations for the Property & Casualty and Disability insurance industries, raised $11.5m in Series A funding.
The round was led by Oak HC/FT.
Led by Jayant Lakshmikanthan, founder and CEO, Clara provides solutions that empower workers’ compensation claims organizations to improve the medical management of claimants while reducing the costs of claims with AI-based solutions, CLARA providers and CLARA claims.
CLARA providers is a scoring engine that allows injured workers to rapidly connect to the right providers, while CLARA claims is an early warning system that helps frontline claims teams efficiently manage claims, reduce escalations and understand the drivers of complexity.
Customers include a broad spectrum — from the top 25 insurance carriers to small, self-insured organizations.
The company will use the funds to extend solutions to other lines like commercial auto, general and professional liability as well as disability.