CLARA analytics has closed its Series A funding round on $11.5m, with Oak HC/FT leading the investment.
The company uses AI-based solutions and data science for claims operations in the property and casualty and disability insurance industries. CLARA helps to worker compensation claims organisations by reducing costs and claims leakage.
Through the company’s AI solution, users can detect potential litigation while optimising legal representation. The platform also helps to connect claims to the right providers, ensure the best treatment protocol is followed to reduce medical costs and lower lost time for injured workers.
Oak HC/FT executive in residence Andrew Robinson said, “CLARA is a first mover in utilizing AI to dramatically improve claims outcomes for the P&C industry. Their technology is highly advanced and has already driven strong ROI for its customers by reducing up to 10 percent of claims indemnity and loss adjustment expenses.”
As part of the transaction, Oak HC/FT executive in residence Andrew Robinson will join CLARA as a chairman.
Late last year, Oak HC/FT led the $17m Series B into finance AI platform Kasisto. Propel Venture Partners, Two Sigma Ventures, Commerce Ventures, Mastercard and Partnership Fund for New York City also took part in the funding which will be used to develop new features.
Earlier this week, UK-based InsurTech platform Urban Jungle received a £1m seed round. The company offers online home contents insurance, with this new line of capital set to help launch new offerings.
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