SANTA CLARA, Calif. & GREENVILLE, S.C., February 09, 2023–(BUSINESS WIRE)–Canal Insurance Company (“Canal”) has selected CLARA Analytics (“CLARA”), a leading provider of artificial intelligence (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.
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 — underscoring the compelling need for insurers who serve the trucking industry to seek innovative ways to manage claims to produce better outcomes for their insureds.
Canal will implement CLARA’s Triage and Litigation modules for commercial auto. CLARA’s technology delivers AI-driven insights that monitor claims and highlight cases that may be at risk of escalation. The Triage module helps claims managers to identify the best path toward resolution. The Litigation module offers insights that help insurers reach amicable settlements, thereby avoiding costly litigation.
“At Canal, we consistently explore innovative ways to drive profitable performance, sustainable growth, and shareholder value,” said Paul Brocklebank, President and CEO of 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