Canal Insurance Company Selects CLARA Analytics to Help Improve Commercial Auto Claims Outcomes With AI
SANTA CLARA, Calif. and GREENVILLE, S.C. — Feb. 9, 2023 — Canal Insurance Company (“Canal”) has selected CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (AI) technology for commercial insurance claims optimization, as its partner in a new initiative aimed at speeding the resolution of commercial transportation claims using AI.
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 — underscoring the compelling need for insurers who serve the trucking industry to seek innovative ways to manage claims to produce better outcomes for their insureds.
Canal will 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.
“At Canal, we consistently explore innovative ways to drive profitable performance, sustainable growth, and shareholder value,” said Paul Brocklebank, President and CEO of Canal. “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.”
“Canal is experiencing tremendous results, in large part because they’re led by a visionary CEO and proactive about finding innovative ways to tackle the problems facing the industry. CLARA will help them to resolve claims in ways that serve their policyholders,” said Heather H. Wilson, CEO of CLARA Analytics. “With our AI technology, innovators like Canal can drive measurable loss cost and expense savings.”
About Canal Insurance Company
Rated A- by A.M. Best, Canal Insurance Company has specialized in providing insurance to commercial transportation insureds through selected professional agents for more than 80 years. Visit www.canalinsurance.com for other news and information.
About CLARA Analytics
CLARA Analytics is a leading AI as a service (AIaaS) provider that improves casualty claims outcomes for commercial insurance carriers and self-insured organizations. 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 “AI superpowers” that help them reduce claim costs and optimize outcomes for the carrier and their customers. CLARA’s customers include companies from the top 25 global insurance carriers to large third-party administrators and self-insured organizations. Founded in 2017, CLARA Analytics is headquartered in California’s Silicon Valley. For more information, visit www.claraanalytics.com, and follow the company on LinkedIn and Twitter.
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Media Contact at CLARA Analytics:
Media Contact at Canal Insurance Company:
Laura Beth Medley
Vice President, Chief Human Resources and Corporate Communications Officer