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/.
About TRISTAR
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
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