Nation’s Largest Independent Third-Party Claims Administrator Now Able to Reduce Claims Work and Generate Accurate MSAs On Demand
SANTA CLARA and LONG BEACH, Calif. — June 11, 2019 — CLARA Analytics (“CLARA”), the leading provider of artificial intelligence (AI) technology in the commercial insurance industry, today announced that TRISTAR, the nation’s largest independent third-party claims administrator, has deployed CLARA’s entire suite to assist in workers’ comp claim management. In just the first four months of implementation, TRISTAR has already experienced a significant reduction in claims work, particularly when determining Medicare Set-Aside Arrangement (MSA) services, which can now be done on demand rather than requiring weeks of manual analysis and calculations. Additionally, TRISTAR has benefited from substantial cost savings and an increased accuracy of MSAs thanks to CLARA’s industry-leading machine intelligence.
“It is in TRISTAR’s DNA to seek out ways to improve the products and services we offer our clients. As we considered ways to innovate and further refine our offerings and processes, it became obvious that AI needed to be part of our plans,” said Tom Veale, president and co-founder of TRISTAR. “We went with CLARA because it is the clear leader in applying AI to claims, and we’re already delighted with the results. It has exceeded our expectations on every front.”
CLARA’s offerings are designed to improve claims outcomes in commercial insurance with easy-to-use AI-based products. Its comprehensive product suite helps teams reduce various sources of loss costs incurred in claims handling by keeping claims on track throughout their life cycle. One of CLARA’s newest and most popular features provides MSA services faster and at vastly reduced costs. This data-driven solution enables CLARA claims users to compile a much richer, more detailed and accurate analysis of estimated future medical costs for injured workers — all at the push of a button.
“TRISTAR has taken a bold step forward, and the team understands AI’s massive potential to disrupt and improve the entire claims process,” said Jayant Lakshmikanthan, founder and CEO of CLARA Analytics. “TRISTAR is beginning to see how the right kind of AI solutions can solve a whole host of problems in claims management while saving organizations millions of dollars each year. Under Tom’s leadership, TRISTAR is helping to raise the collective standard for commercial insurance claims.”
To learn more about how CLARA Analytics is leveraging AI to transform the claims process, please visit www.claraanalytics.com/.
Founded in 1987, TRISTAR is the nation’s largest independent third-party claims administrator. It empowers nearly 1,000 employees in offices throughout the United States, focusing business operations in three divisions: property casualty claims management, benefits administration, and managed care services.
TRISTAR’s property and casualty division manages claims for more than 350 alternatively funded entities in both the private and public insurance segments. Within that customer base are thousands of individual insureds who are covered through various insurance carrier and program administrator engagements in which TRISTAR functions as the insurer’s outsourced claims department. Our claim professionals’ personal attention to every client, injured employee and other claimants transform the risks they face into enhanced outcomes for us all. Our property and casualty claims teams’ dedication to our core principles is the reason that we achieve 97% average client audit scores and 98% client retention. For more information, please visit www.tristarrisk.com/.
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 various sources of loss costs in claims handling 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 insurance carriers to small, self-insured organizations. CLARA Analytics was founded in 2015 and is headquartered in Silicon Valley in California. For more information, visit www.claraanalytics.com, and follow CLARA Analytics on LinkedIn and Twitter.
CLARA claims, CLARA litigation and CLARA providers are trademarks of CLARA Analytics. All other brand names and solution names are trademarks or registered trademarks of their respective companies.
Tags: CLARA Analytics, artificial intelligence, AI, machine learning, commercial insurance, workers’ comp, TRISTAR, claims administrator, insuretech, claims, litigation, predictive analytics, risk management