CA-based CLARA Analytics Secures an Investment from Nationwide Ventures. The investment arm of the insurance and financial services company.
Nationwide’s investment comes from its $350 million investment fund. CLARA has raised a total of $64 million, including its recently announced Series C.
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CLARA’s award-winning AI platform, CLARAty.ai, analyzes both structured and unstructured data, performing contextual analysis using natural language processing (NLP) and generating insights that help claims associates make sound data-driven decisions.
Heather H. Wilson, CEO of CLARA Analytics said, “The Nationwide investment is a huge vote of confidence from a leading voice in the industry, We have more than doubled our annual recurring revenue in the past year, as carriers recognize the value of AI in claims management. We expect our rapid growth to accelerate even further, as AI becomes a mainstay in modern claims management organizations.”
CLARA uses predictive AI, generative AI (GenAI), and large language models (LLMs) to extract detailed information from claims documents and deliver concise case summaries, predictive alerts, and actionable recommendations to claims associates.
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George Williams, Chief Operating Officer of Commercial, E&S and Specialty at Nationwide said, “Since partnering together in 2022, Nationwide has seen the very substantial benefits that this technology can offer, We’re excited to expand this relationship and look forward to what’s to come between our two companies.”
About CLARA Analytics
CLARA Analytics is the leading AI as a service (AIaaS) provider that improves casualty claims outcomes for insurance carriers, MGAs, reinsurers, and self-insured organizations.
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The company’s platform applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, legal demand packages, bills, and other documents surrounding a claim.
