Canal Insurance Company has partnered with CLARA Analytics, a provider of artificial intelligence (AI) technology for commercial insurance claims optimisation, to improve commercial auto claims outcomes with AI.
CLARA helps claims managers reach resolution on workers’ compensation cases by validating low-risk claims early in the process and by distinguishing the higher-risk cases that may be causes for concern.
The companies outlined that in recent years, claims outcomes related to commercial transportation have reached record levels, with average seven-figure verdicts growing nearly tenfold between 2010 and 2018. This underscores the compelling need for insurers who serve the trucking industry to seek innovative ways to manage claims to produce better outcomes for their insureds.
The partnership will see Canal implement CLARA’s Triage and Litigation modules for commercial auto.
CLARA’s technology delivers AI-driven insights that monitor claims and highlight cases that may be at risk of escalation.
The Triage module helps claims managers to identify the best path toward resolution. The Litigation module offers insights that help insurers reach amicable settlements, thereby avoiding costly litigation.
Paul Brocklebank, President and CEO of Canal, said, “At Canal, we consistently explore innovative ways to drive profitable performance, sustainable growth, and shareholder value. As a well-established insurance specialist in commercial transportation, Canal is addressing many of the same challenges facing commercial auto insurers at large.
“Through advanced data analytics, CLARA provides the expertise and track record to help Canal drive better and more efficient claims outcomes, and this benefits both our customers and the Canal enterprise. We are excited about CLARA as a critical new business partner and extension of the Canal team as we join forces to embrace future opportunities in motor carrier insurance.”
Last year, CLARA Analytics partnered with investment platform Nationwide to provide AI technology for the insurance industry.
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