CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (“AI”) technology for insurance claims optimization, today announced that Risk Administration Services, Inc. (“RAS”) will leverage its technology to enhance its claims processes. To achieve this objective, RAS will adopt CLARA’s full product suite, including Claims DocIntel Pro, Triage, Treatment, Fraud, and Litigation.
As the leading expert in workers’ compensation insurance and loss mitigation management, RAS manages The Dakota Group® (“DG”), the largest voluntary writer of workers’ compensation in South Dakota and one of the largest in the Upper Midwest. DG is “A” rated by AM Best and has been named to the Ward’s 50 companies for the last four consecutive years, showcasing its commitment to best practices and consistent high performance. These successful traits make RAS the perfect customer for CLARA, a company that drives new levels of efficiency for insurance claims.
“Our performance year in and year out is among the best in the industry, but to maintain our standards, we persistently look forward. For us, this means implementing AI strategically across the claims life cycle,” said Jennifer Hertzfeld, Senior Vice President, Claims at RAS. “With CLARA, we can empower our adjusters with amazing insights so that they may repurpose their time on tasks that make the greatest impact.”
RAS will achieve its objectives with the full suite of CLARA’s AI platform, CLARAty.ai:
- Claims DocIntel Pro: Empowers teams by identifying, indexing, transcribing and summarizing claims documents. It also allows claims professionals to instantly review medical records and legal demands with important data highlighted and summarized.
- Triage: Helps teams focus on the right claims and prompts them to take specific actions. Using AI, Triage makes it easy for adjusters to proactively manage claims that need attention while streamlining others that likely won’t require additional intervention.
- Treatment: Assists teams in finding the best doctor for every claim. CLARA’s AI factors in provider performance scoring and utilizes predictive modeling based on thousands of closed claims to ensure workers make a complete recovery.
- Fraud: Alerts claims professionals to suspicious activity by examining the relationships between medical providers, legal counsel, and claimants across millions of workers’ compensation claims so that they can take appropriate action.
- Litigation: Minimizes litigation risks based on years of prior claims. CLARA’s AI identifies and analyzes tightly defined claim cohorts to yield insights about the future direction of a claim as well as settlement data so that the best legal teams can be engaged if needed to reduce costs dramatically.
“RAS has a strong track record of exceptional performance in the workers’ compensation line of business, and its team knows AI will give them an even greater performance boost. In fact, RAS is the first to deploy CLARA Fraud, underscoring the company’s commitment to implement cutting-edge technology,” said CLARA CEO Heather H. Wilson. “Generative AI and predictive modeling on one platform can transform claims processes, and we are thrilled to enable another leading organization to discover its capabilities through CLARAty.ai.”
About RAS
In its 30+ year history, Risk Administration Services, Inc. (“RAS”) has gained a profound awareness of the value it delivers as an experienced workers’ compensation insurance provider. It has grown into the region’s leading workers’ compensation insurance writer by striving to build safer workplaces, helping companies protect their employees, and supporting people at their most vulnerable. RAS is more than a workers’ compensation insurance policy provider. It’s a proactive partner in driving injury prevention. Learn more at www.rascompanies.com.
About CLARA Analytics
CLARA Analytics is the leading AI as a service (“AIaaS”) provider that improves casualty claims outcomes for insurance carriers, MGAs, reinsurers, and self-insured organizations. The company’s platform, CLARAty.ai, applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, legal demand packages, bills and other documents surrounding a claim. CLARA’s predictive insight gives claims professionals augmented intelligence that helps 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 2017, CLARA Analytics is headquartered in California’s Silicon Valley. For more information, visit www.claraanalytics.com, and follow the company on LinkedIn and @CLARAAnalytics.
All brand names and solution names are trademarks or registered trademarks of their respective companies.
Tags: CLARA Analytics, Risk Administration Services, The Dakota Group, CLARAty.ai, Claims DocIntel Pro, insurtech, claims optimization, claims, claims management, claims adjusters, claims managers, workers compensation, workers comp, artificial intelligence, AI, generative AI, GenAI, machine learning, predictive analytics, Wards50
View source version on businesswire.com: https://www.businesswire.com/news/home/20240918848922/en/