CLARA Analytics Honored for Achievements in Transforming Commercial Insurance with Artificial Intelligence
SANTA CLARA, Calif. and NEW YORK — Sept. 1, 2020 — CB Insights today named CLARA Analytics, the leading provider of artificial intelligence (AI) technology in the commercial insurance industry, to the third annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology.
“We’re proud to once again recognize the 250 best private fintech companies globally. This year’s Fintech 250 represents 25 countries and spans 19 categories — reimagining everything from retail banking and crypto to insurance and asset management,” said CB Insights CEO Anand Sanwal. “The previous Fintech 250 class raised more than $22 billion in investor financing and saw more than 20 exits after being recognized, and we expect this year’s class will have similar success as they continue to transform how people and businesses spend, save, borrow and invest their money.”
“We are honored to be recognized as one of the most promising startups in fintech,” said Gary Hagmueller, CEO of CLARA Analytics. “We’re leading a transformation in commercial insurance that applies AI to the handling of claims, giving adjusters a set of AI superpowers that augments their training and experience. With our products, claims teams are able to cut millions in operational and loss costs and drive positive outcomes for carriers, insureds and claimants.”
Carriers such as Berkshire Hathaway Homestate Companies, EMC Insurance, and QBE are applying CLARA’s product suite to workers comp claims. A share of those claims start out routinely but rapidly increase in cost and severity due to a host of unexpected costs, examples of which include excess medical procedures and avoidable litigation. CLARA claims uses AI to accurately identify these at-risk claims much earlier and more effectively than conventional techniques. CLARA providers optimizes medical networks and helps find the right doctors for each claim. CLARA litigation recommends optimal litigation and settlement strategies to meaningfully reduce costs, and CLARA’s Medicare Set-Aside solution instantly compiles highly accurate MSA reports. The products are designed to integrate and, when used together, drive compound benefits. One insurer using claims and providers, for example, has seen claimants return to work 35% faster in claims processed using CLARA.
Through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of 16,000 companies, including applicants and nominees, based on several factors. These factors include patent activity, investor quality, news sentiment analysis, proprietary Mosaic scores, market potential, partnerships, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum.
2020 Fintech 250 Highlights
- Unicorns: 32 of the 250 companies are valued at or above $1 billion as of their latest funding round.
- Funding trends: YTD, these 250 private companies have raised $10.3 billion in equity funding across 120 deals (as of 8/26/20).
- Mega-rounds: Since 2019, there have been 87 mega-round ($100M+) equity investments to this year’s Fintech 250, with 35 of them in 2020 YTD (as of 8/25/20).
- Global representation: 46% of the 2020 Fintech 250 are based outside the U.S. After the U.S., the UK is home to the most Fintech 250 companies (38), followed by India (20).
CLARA Analytics joins a list that includes Ethos, Bright Health, Hippo and others. To see the full Fintech 250, visit www.cbinsights.com/research/report/fintech-250-startups-most-promising/.
About CB Insights
At CB Insights, we believe the most complex strategic business questions are best answered with facts. We are a machine intelligence company that synthesizes, analyzes and visualizes millions of documents to give our clients fast, fact-based insights. Serving the majority of the Fortune 100, we give companies the power to make better decisions, take control of their own future, and capitalize on change.
About CLARA Analytics
CLARA Analytics improves claims outcomes in commercial insurance with easy-to-use artificial intelligence (AI)-based products. CLARA’s suite helps claims teams reduce claims handling and loss costs by keeping claims on track throughout their life cycle. The suite uses the latest in AI and machine learning (ML) technology and can integrate easily into any workflow or infrastructure to rapidly start showing value. CLARA’s customers include companies from the top 25 global insurance carriers to large third-party administrators and self-insured organizations. Founded in 2015, CLARA Analytics is headquartered in Silicon Valley in California. For more information, visit www.claraanalytics.com, and follow CLARA Analytics on LinkedIn and Twitter.
CLARA litigation, CLARA providers and CLARA claims are trademarks of CLARA Analytics. All other brand names and solution names are trademarks or registered trademarks of their respective companies.
Keith Swiader, Manager – PR & Communications