Founded in 2014, Groundspeed Analytics provides artificial intelligence (AI) and data science solutions to the global commercial property and casualty insurance industry, serving insurance brokers, carriers and managing general agents (MGAs) alike. The insurtech company plans to utilize the new funding to continue to expand its products and fooprint apart from growing its data science and engineering team from the current number of 40. Groundspeed Co-CEO Jeff Mason said: "We are thrilled to partner with Oak HC/FT as we embark on our next phase of growth. "Given Oak HC/FT's deep expertise in InsurTech and extensive network of industry leaders, we are confident that this new association will help Groundspeed aggressively expand our products and reach to help brokers and carriers unlock the tremendous value trapped in their unstructured information." Groundspeed Analytics said that it focuses on solving the toughest data challenge in the insurance industry which is to unlock the value of unstructured information. Based in Ann Arbor and Atlanta, Groundspeed Analytics claims to accelerate commercial insurance performance by deploying machine learning and AI. Its technology platform is said to automatically turn loss runs, exposure documents and policy files into actionable information, thereby helping users to identify profitable pools of risk and deliver better financial outcomes. The company's Groundspeed Adaptive Data Pipeline allows carrier, broker, and MGA clients to boost margins, identify underwriting profit pools, and improve customer experience. Groundspeed Co-CEO Andrew Robinson said: "Groundspeed's Adaptive Data Pipeline has proven to be incredibly powerful.

Santa Clara, California-based CLARA Analytics, a developer of AI-based solutions focused on claims operations for the property and casualty and disability insurance industries, has raised $11.5 million in Series A funding. Oak HC/FT led the round. CLARA enables the $800 billion global commercial property and casualty market to improve financial performance by decreasing the billions of dollars in claims leakage that occurs annually. Today, solutions from CLARA empower workers' compensation claims organizations to improve the medical management of claimants while simultaneously reducing the costs of claims with easy-to-use AI-based solutions, CLARA providers and CLARA claims. CLARA's advanced analytic solutions incorporate the latest in AI technology to reduce claims leakage and frictional costs for insurance companies and self-insured corporations by: Detecting (early) potential litigation and optimizing legal representation to improve outcomes and reduce defense expenses.

Artificial intelligence (AI) and data science company, CLARA Analytics, has announced a $11.5 million Series A funding round led by OAK HC/FT, a venture growth-equity fund investing in Healthcare Information & Services and Financial Services Technology. CLARA builds AI-based solutions that are focused on claims operations for both the property & casualty and disability insurance sectors, and aims to support the improvement of the international commercial property and casualty market by reducing the billions of dollars in claims leakage that occurs every year. Founder and Chief Executive Officer (CEO) of CLARA, Jayant Lakshmikanthan, commented; "CLARA brings together a combination of the latest in AI technology, extensive insurance industry expertise, and a design thinking approach to rapidly drive meaningful value for our customers. We are excited to welcome Oak HC/FT to the team and look forward to leveraging their extensive insurance and insurtech expertise." "CLARA is a first mover in utilizing AI to dramatically improve claims outcomes for the P&C industry. Their technology is highly advanced and has already driven strong ROI for its customers by reducing up to 10 percent of claims indemnity and loss adjustment expenses. We look forward to partnering with CLARA in building their business and to continue to develop and mature solutions for other property and casualty lines of business," said Andrew Robinson, executive in residence at OAK HC/FT.

Artificial intelligence (AI) and data science company, CLARA Analytics, announced on Thursday it raised $11.5 million Series A funding round led by OAK HC/FT for its AI insurtech claim solutions. Founded in 2016, CLARA Analytics states it builds easy-to-use, AI/machine-learning based products. "Today, solutions from CLARA empower workers' compensation claims organizations to improve the medical management of claimants while simultaneously reducing the costs of claims with easy-to-use AI-based solutions, CLARA providers and CLARA claims." CLARA's advanced analytic solutions incorporate the latest in AI technology to reduce claims leakage and frictional costs for insurance companies and self-insured corporations by: "CLARA is a first mover in utilizing AI to dramatically improve claims outcomes for the P&C industry. Their technology is highly advanced and has already driven strong ROI for its customers by reducing up to 10 percent of claims indemnity and loss adjustment expenses. We look forward to partnering with CLARA in building their business and to continue to develop and mature solutions for other property and casualty lines of business."