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As is well known, there is a serious need to address the substantial and growing loss ratios in the commercial auto space. According to a recent NAIC report, carriers paid out $29 billion in losses for the line — $11.6 billion of which were directly attributable to legal costs. These excessive costs are the result of high legal involvement rates in commercial auto as compared to other P&C lines. Additional costs are being driven by social inflation stemming from nuclear verdicts and by bad faith suits filed by attorneys. To add to the complexity, potential legal costs and the merit of settlement differ significantly by state. CLARA's industry-leading AI and machine learning technology addresses these issues by detecting the drivers of many escalations and delivering actionable recommendations that reduce attorney involvement and litigation rates.
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"CLARA Litigation for Commercial Auto is very exciting for us because it marks the first of many new products we're developing for challenges that span various commercial lines of insurance," said Gary Hagmueller, CEO of CLARA Analytics. "With CLARA Litigation, we're delivering the sophisticated underlying technology that currently drives value in workers' compensation to help our customers fix the important but underperforming commercial auto line."
CLARA Litigation for Commercial Auto uses cutting-edge natural language processing and deep learning techniques to analyze hundreds of data points from structured claim data, unstructured adjuster notes, police reports, and other data sources to identify claims at the risk of attorney involvement or litigation that a claims examiner should focus on. The litigation module determines risk of litigation and attorney involvement by actively monitoring several key indicators around the nature of the claim, claimant rapport using sentiment analysis, and a risk to a settlement based on claimant expectation.
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"Avoiding litigation is a very impactful way to improve profitability across this line of business," said Laurie Pierman, vice president of claim operations and shared services at Amerisure Insurance. "After working with CLARA for the past year and a half on the workers' comp side, Amerisure is confident that CLARA's technology will help transform commercial auto as well. ... "
View full release: http://ow.ly/VXzW30rmOST
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