CLARA Analytics and Nationwide are deepening their current partnership.
CLARA has received 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.
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.
“The Nationwide investment is a huge vote of confidence from a leading voice in the industry,” said Heather H. Wilson, CEO of CLARA Analytics. “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. Together, the AI platform will inform key stakeholders across the organization, delivering highly relevant information to the exact people who need it.
“Since partnering together in 2022, Nationwide has seen the very substantial benefits that this technology can offer,” said George Williams, Chief Operating Officer of Commercial, E&S and Specialty at Nationwide. “We’re excited to expand this relationship and look forward to what’s to come between our two companies.”