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.”
Source: Company Press Release