(Image credit: Zetong Li/Unsplash.)
Canal Insurance Company, a Greenville, S.C.-based carrier specialized in providing insurance to commercial transportation customers via selected professional agents for more than 80 years, has selected CLARA Analytics (Santa Clara, Calif.), a provider of AI technology for commercial insurance claims optimization, as its partner in a new initiative aimed at speeding the resolution of commercial transportation claims using AI.
A CLARA announcement on the new contract notes that, in recent years, claims outcomes related to commercial transportation have reached record levels, with average seven-figure verdicts growing nearly tenfold between 2010 and 2018—which the vendor says underscores the need for insurers who serve the trucking industry to seek innovative ways to manage claims to produce better outcomes for their insureds.
CLARA reports that Canal will implement the vendor’s Triage and Litigation modules for commercial auto. CLARA describes its technology as delivering AI-driven insights that monitor claims and highlight cases that may be at risk of escalation. CLARA explains that the Triage module helps claims managers to identify the best path toward resolution. The Litigation module is designed to offer insights that help insurers reach amicable settlements, thereby avoiding costly litigation.
Better, More Efficient Outcomes
“At Canal, we consistently explore innovative ways to drive profitable performance, sustainable growth, and shareholder value,” comments Paul Brocklebank, President and CEO, Canal. “As a well-established insurance specialist in commercial transportation, Canal is addressing many of the same challenges facing commercial auto insurers at large. Through advanced data analytics, CLARA provides the expertise and track record to help Canal drive better and more efficient claims outcomes, and this benefits both our customers and the Canal enterprise. We are excited about CLARA as a critical new business partner and extension of the Canal team as we join forces to embrace future opportunities in motor carrier insurance.”
“Canal is experiencing tremendous results, in large part because they’re led by a visionary CEO and proactive about finding innovative ways to tackle the problems facing the industry. CLARA will help them to resolve claims in ways that serve their policyholders,” comments Heather H. Wilson, CEO, CLARA Analytics. “With our AI technology, innovators like Canal can drive measurable loss cost and expense savings.”