CLARA analytics, a provider of artificial intelligence-driven (AI) technology in the commercial insurance space, has revealed Gary Hagmueller as its new Chief Executive Officer (CEO), as founder Jayant Lakshmikanthan transitions to the role of Chief Product Officer.
Hagmueller brings more than two decades of industry experience to the role and has a deep focus on building AI and machine learning applications for the enterprise marketplace.
He joins CLARA from enterprise AI pioneer, Ayasdi, where he most recently served as Chief Operating Officer (COO). Prior to this, he was Chief Financial Officer (CFO) of cloud-based subscription management platform provider, Zuora, and has also served as COO of Vinfolio, senior director at RouteScience Technologies, and director of corporate development at NorthPoint Communications.
CLARA states that the appointment supports the further expansion of its executive team, and partners a proven leader with extensive experience with a product visionary. The firm notes that Hagmueller’s appointment follows a number of other additions to the firm, as it enters its next phase of growth.
Commenting on his appointment, Hagmueller said: “Throughout my career, I have sought out companies that use innovative technology to fundamentally transform key markets. In CLARA, I see a rapidly growing firm that is transforming claims operations from an ineffective and expensive process into a highly effective function that significantly reduces costs while substantially improving the experience for both customers and employees. Given that $330B is spent annually on claims operations and settlements, this is a massive market ripe for disruption.
“AI and machine learning are transformative technologies but only when applied strategically to solve real problems. The CLARA team understands the fundamental issues in the commercial insurance industry at a very deep level and has developed a suite of elegant solutions to address these sticking points. Adoption and enthusiasm for CLARA’s products thus far has been amazing, and we’ve only just begun to commercialize our applications.”
Lakshmikanthan added: “Gary is the ideal CEO for CLARA as the company takes bold steps forward. Adoption and demand have increased so quickly that the company needs a leader with deep experience in all facets of scaling an enterprise-focused, AI-based SaaS company.
“I am thrilled to be shifting my attention back to my passion in developing and evangelizing our products as CLARA is poised to become the dominant provider of AI tools for claims operations in insurance worldwide. I look forward to partnering closely with Gary and all that we will accomplish together.”