St. John’s-based ClearRisk, which makes software for insurers, has launched its next generation data solution ClearRisk Insights to help risk managers use their data more efficiently.

The company issued a statement Monday saying it had launched the new cloud-based product to industry-leading risk managers at the Risk Management Society of Canada Conference in Edmonton.

The company said the new product combines the power of automation, integration and analytics. ClearRisk Insights brings together the entire risk management, insurance and claims ecosystem with any data source and third-party system to provide this cloud-based solution to risk managers, it said in a statement.

The product automatically brings forward data that was previously buried to significantly reduce administration time, automate important processes, and identify important risk developments and blind spots, the company said  Integrations with insurers, adjusters, and brokers eliminate duplication, fill missing gaps, reduce incompatible data, and reduce the total cost of risk.

“Prior to Insights, our clients could manage their data and look for trends and problem areas in reports and dashboards,” said CEO Craig Rowe in an email. “But unless you were looking, you might not find something.  Insights reduces blind spots by looking for trends and problems for clients and notifying them when things go wrong.”

He added that ClearRisk Insights adds significantly more features and benefits to the ClearRisk product offering.  These include: more and tighter integrations with third-party applications such as insurers, adjusters, etc.; significantly more automation of workflows and processes; and advanced data analytics. 

Rowe said embracing technology and innovation is important to the competitiveness of the risk and insurance industry.  Because it is so data-driven, those companies that are equipped to fully leverage the large amounts of information available to them will have a clear advantage. 

“As a former risk manager myself, I started ClearRisk to help organizations with accessible risk management solutions to help them prevent bad things from happening, and make them more successful,” he said. “ClearRisk Insights takes that vision to a place I never thought possible.”

Founded in 2006 in St. John’s, ClearRisk is a leading Canadian provider of claims and risk management solutions. Its 200 customers include some of Canada’s largest companies and government entities.

Rowe said the company now has 15 employees and expects to hire 20 to 25 more in the next two years based on its growth rate.

Rowe said ClearRisk is planning to raise equity capital in the autumn, though it doesn’t know how much yet. The company raised a total of $1.7 million from First Angel Network and GrowthWorks Atlantic in two rounds in 2011 and 2013.

“We are changing the landscape of risk management with innovative tools like ClearRisk Insights that better enable risk managers through the effective use of their highly valuable data,” said Rowe in the statement. “We developed this solution knowing that organizations are producing important data in large quantities but without the tools to fully leverage it.”