Artificial intelligence (AI)-powered insurance technology provider CLARA Analytics has secured $24m in a Series C financing round to expedite the implementation of AI for insurance claims.

New investor Spring Lake Equity Partners led the funding round, which saw participation from current investors comprising Aspen Capital Group, Oak HC/FT, and QBE Ventures.

The latest financing takes the current total of funds secured by the insurtech to $60m. 

CLARA intends to use the proceeds to bolster the AI capabilities of the company’s platform, including predictive modelling, natural language processing expertise and generative AI.

CLARA Analytics CEO Heather Wilson said: “Insurers are facing increased pressure to manage losses and expenses, and they have awakened to the value that AI can generate in claims management. 

“We have witnessed this first-hand, having experienced significant growth in our customer base and more than doubling our annual recurring revenue.”

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By GlobalData

The insurtech’s solutions can detect appropriate data embedded in medical notes, bills and legal demands, and subsequently merge it with a wide-ranging repository of cross-industry information to deliver insights to claims teams and risk managers. 

Its platform of AI-based software comprises CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA Optics and CLARA MSP Compliance. 

Spring Lake Equity Partners partner Jeff Williams said: “CLARA’s AI platform is the missing ingredient that empowers several of the world’s most innovative carriers and self-insured companies to rein in spiralling loss costs and deliver tremendous value to policyholders and shareholders. 

“CLARA is poised to dominate this space because they are laser-focused on claims optimisation and delivering a substantial return on investment for their customers.”

In July 2023, CLARA Analytics was chosen by managing general underwriter Foresight Commercial Insurance to boost insurance claim outcomes.