The Black Car Fund to Use Generative AI to Improve Reserve Accuracy and Lighten Claims Adjuster Workloads

The Black Car Fund, a New York not-for-profit organization created by New York state to protect New York's for-hire drivers with workers' compensation insurance coverage, has chosen CLARA Optics and CLARA Triage, AI-driven technology on the CLARAty.ai platform developed by CLARA Analytics ("CLARA"), a leading provider of artificial intelligence (AI) technology for insurance claims optimization, to help them improve medical outcomes for injured drivers, improve reserve accuracy, and lighten administrative burdens for adjusters.

CLARA Optics uses predictive AI, generative AI (GenAI), and large language models (LLMs) to automate medical records transcription, extract meaningful details, and deliver actionable insights to claims management personnel. By ingesting and analyzing new information as soon as it is available, the technology helps claims managers to stay abreast of changes, summarizing case status and highlighting salient information.

CLARA Triage helps adjusters to promptly identify high-risk casualty claims and flag them for proactive resolution. The AI platform is trained on a contributory database of millions of closed claims to provide a high level of predictive accuracy and broad benchmarking capabilities. The generated insights enable the assignment of the right claim to the right adjuster at first notice of loss. Adjusters are given decision support and guidance when setting reserves, leading to more accurate reserving. Claimants get the level of service they need for the severity of the injury, and The Black Car Funds' claim professionals can focus on the claims that matter most. Overall, this approach leads to optimal medical outcomes for injured parties, gets workers back on the job quickly, and reduces claim costs.

"CLARA's AI platform will improve reserve accuracy and create greater efficiencies across our claims operation," said Eric Hornick, Chief Claims Officer and Actuary at The Black Car Fund. "Each of our adjusters must manage a workload of up to 300 claims at any given time. CLARA's technology will reduce that burden, freeing them up to deliver highly personalized, empathetic service to injured drivers."

Workers' compensation claims can sometimes involve hundreds of pages of medical records and other legal documents, often spanning months or even years. CLARA's AI platform assists claims managers by offering up-to-the-minute case summaries derived from both structured and unstructured contributory data. This leads to faster case resolution, lower workloads, and better outcomes for injured workers and their employers.

CLARA's award-winning AI platform is capable of analyzing both structured and unstructured data, performing contextual analysis using natural language processing (NLP) and LLMs tuned specifically for insurance claims. The generated insights help claims managers make sound data-driven decisions. CLARA's customers consistently achieve remarkable ROI, with most exceeding 500%.

Unlike many popular GenAI tools, CLARA's generative technology isolates insurance carriers' data for both model training and operational purposes, so data remains confidential and fully secure. Also, CLARA Optics has been designed to deliver high levels of accuracy, basing its conclusions on confirmed internal data sources and performing redundancy checks to ensure that the information it provides to claims managers is unassailably accurate.

"The Black Car Fund provides a vitally important service to tens of thousands of for-hire vehicle drivers throughout New York," said Heather H. Wilson, CEO of CLARA Analytics. "We are excited to support The Black Car Fund's efforts to provide the highest level of service for injured drivers, eliminate administrative work for busy adjusters, and drive better claim outcomes for all parties. We're pleased that they have chosen CLARAty.ai as their claims intelligence platform."

CLARA Analytics is exhibiting at two upcoming industry conferences. As a silver sponsor of InsurTech Hartford Symposium 2024, being held April 17-18 in Connecticut, CLARA's Wilson will participate in a session titled "The AI-Centered Operating Model," a discussion on how organization and team structure matters when delivering AI at scale. The company also is a gold sponsor of Insurance Innovators USA, being held April 22-23, in Nashville, Tennessee. Ms. Wilson will be joining a fireside chat titled "The Next CX Evolution," where she will discuss improving the claims customer experience with AI.

About Black Car Fund

The Black Car Fund is a non-profit organization created by New York state to protect New York's for-hire drivers and their passengers ? so that every ride is a safe ride. Black Car drivers are independent contractors who enjoy workers' compensation coverage and additional health and wellness-related benefits through The Black Car Fund. The Fund also pays drivers to attend wellness seminars and safety trainings to meet the highest professional standards, serving as a model in the new "gig economy." The Fund has approximately 500 member bases throughout New York state, covering upwards of 100,000 affiliated drivers. For more information, visit www.nybcf.org/ and https://ny.driversbenefits.org.

About CLARA Analytics

CLARA Analytics is the leading AI as a service (AIaaS) provider that improves casualty claims outcomes for insurance carriers, MGAs, reinsurers, and self-insured organizations. The company's platform applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, legal demand packages, bills and other documents surrounding a claim. CLARA's predictive insight gives claim professionals augmented intelligence that helps them reduce claim costs and optimize outcomes for the carrier, customer and claimant. CLARA's customers include companies from the top 25 global insurance carriers to large third-party administrators and self-insured organizations. Founded in 2017, CLARA Analytics is headquartered in California's Silicon Valley. For more information, visit www.claraanalytics.com, and follow the company on LinkedIn and @CLARAAnalytics.

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