CB Insights Names CLARA analytics to Fintech 250 List of Fastest-Growing Fintech Startups

SANTA CLARA, Calif. - Sept. 1, 2020 - PRLog -- CB Insights today named CLARA analytics, the leading provider of artificial intelligence (AI) technology in the commercial insurance industry, to the third annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology.

"We're proud to once again recognize the 250 best private fintech companies globally. This year's Fintech 250 represents 25 countries and spans 19 categories — reimagining everything from retail banking and crypto to insurance and asset management," said CB Insights CEO Anand Sanwal. "The previous Fintech 250 class raised more than $22 billion in investor financing and saw more than 20 exits after being recognized, and we expect this year's class will have similar success as they continue to transform how people and businesses spend, save, borrow and invest their money."

"We are honored to be recognized as one of the most promising startups in fintech," said Gary Hagmueller, CEO of CLARA analytics. "We're leading a transformation in commercial insurance that applies AI to the handling of claims, giving adjusters a set of AI superpowers that augments their training and experience. With our products, claims teams are able to cut millions in operational and loss costs and drive positive outcomes for carriers, insureds and claimants."

Carriers such as Berkshire Hathaway Homestate Companies, EMC Insurance, and QBE are applying CLARA's product suite (https://claraanalytics.com/) to workers comp claims. A share of those claims start out routinely but rapidly increase in cost and severity due to a host of unexpected costs, examples of which include excess medical procedures and avoidable litigation. CLARA claims uses AI to accurately identify these at-risk claims much earlier and more effectively than conventional techniques. CLARA providers optimizes medical networks and helps find the right doctors for each claim. CLARA litigation recommends optimal litigation and settlement strategies to meaningfully reduce costs, and CLARA's Medicare Set-Aside solution instantly compiles highly accurate MSA reports. The products are designed to integrate and, when used together, drive compound benefits. One insurer using claims and providers, for example, has seen claimants return to work 35% faster in claims processed using CLARA.

Through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of 16,000 companies, including applicants and nominees, based on several factors. These factors include patent activity, investor quality, news sentiment analysis, proprietary Mosaic scores, market potential, partnerships, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights' algorithm, measures the overall health and growth potential of private companies to help predict a company's momentum.
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View full Fintech 250: www.cbinsights.com/research/report/fintech-250-startups-most-promising/.