Clara Analytics has launched a new AI-based product aimed at refining and extracting key findings from lengthy legal and medical documents for insurers. 

The Silicon Valley-based company says the product will provide claims professionals with an automated transcription service for medical documents and legal correspondence, specifically to extract insurance-related data.  

“Rather than simply adapting general-purpose AI tools to claims management, Clara has built its platform from the ground up with insurance claims in mind,” Clara VP of Product Mubbin Rabbani said.  

“When it comes to turning raw data into meaningful insights, that deep industry-specific context makes a huge difference.”   

Clara says it has partnered with larger global carriers to help ensure the product allows claims managers to “focus on what matters most” amidst a spike in litigation against insurers.  

“As AI technology matures, we’re starting to see a divergence between the overhyped pretenders versus the focused applications that are delivering real-world value in the here and now,” Clara CEO Heather H. Wilson said.  

“For insurance carriers struggling to manage escalating claims with rising litigation rates, we’re providing a path to delivering meaningful ROI in less than a year.”  

“Our deep expertise in claims management is what makes that possible.”  

The US-based firm announced a partnership with Opex Consultants last month to act as its representative in Australia and New Zealand.