SANTA CLARA, Calif. — Sept. 8, 2021 — Data and research firm FinTech Global has recognized CLARA Analytics (“CLARA”) as a leader in artificial intelligence (AI) innovation in financial technology. This week, FinTech Global released their AIFinTech100 list, which identifies the world’s most innovative solution providers developing AI and machine learning technologies to solve challenges and improve efficiency in financial services.
The use of AI and data analytics has grown tremendously over the last few years as financial services organizations move toward digital operations and seek to unlock new revenue growth opportunities, minimize operating expenses, and automate manually intensive processes. CLARA Analytics is revolutionizing insurance claims management by applying advanced machine learning and natural language processing to drive better outcomes for insurers, their customers, and injured workers.
Products from CLARA Analytics include: Triage, which helps insurers spot high-risk claims early and take action to avoid escalation; Treatment, which identifies the health care providers most likely to produce positive medical outcomes; and Litigation, which detects litigation risk and helps insurers to manage attorney performance. CLARA also offers an MSP Compliance product that streamlines the management of Medicare Secondary Payer information for workers’ compensation insurers in the U.S. and a Network Analyzer that offers insight into an insurer’s provider network.
AI adoption in areas such as fraud detection, personal finance, customer communications, and insurance has accelerated since the onset of the COVID-19 pandemic. According to data from Business Insider Intelligence, the aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023. CLARA’s products have generated impressive ROI numbers for its customers as well. Australia-based QBE Insurance Group estimated they achieved a 5x return on investment in their first full year using the product. Other CLARA customers have reported similar successes.
Given the huge rise in appetite for artificial intelligence technologies in the sector, the AIFinTech100 was produced to identify the 100 most innovative companies developing AI applications in financial services that every financial institution needs to know about as they develop their digital transformation strategies.
The standout companies were chosen by a panel of industry experts and analysts who reviewed a study of over 1,000 fintech companies undertaken by FinTech Global. The solution providers making the final list were recognized for their innovative use of technology to solve a significant industry problem or to generate cost savings or efficiency improvements across the financial services value chain.
FinTech Global Director Richard Sachar said, “Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology innovations in the market to ensure they deliver competitive financial products and reach new customers.
“The AIFinTech100 list helps senior management filter through all the solution providers in the market by highlighting the most innovative artificial intelligence companies in areas such as insurance, banking, investment and trading, lending, customer experience, compliance, and fraud prevention,” he added.
A full list of the AIFinTech100 can be found at www.AIFinTech100.com. More detailed information about the companies is available to download for free on the website.
About CLARA Analytics
CLARA Analytics improves claims outcomes in commercial insurance with easy-to-use AI-based products. 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 adjusters “AI superpowers” that help them reduce claim costs and optimize outcomes for the carrier, customer and claimant. CLARA’s customers include companies from the top 25 global insurance carriers to large third-party administrators and self-insured organizations. Founded in 2016, CLARA Analytics is headquartered in California’s Silicon Valley. For more information, visit claraanalytics.com, and follow the company on LinkedIn and Twitter.
All brand names and solution names are trademarks or registered trademarks of their respective companies.
Tags: CLARA Analytics, insurance, commercial insurance, artificial intelligence, AI, FinTech Global, AIFinTech100, data science, predictive analytics, machine learning, fintech, financial services, insuretech, claims, workers comp, workers compensation, healthcare, litigation, MSP compliance, claims outcomes, ROI
John David Van Kirk