CLARA Analytics Secures Funding From Nationwide

In a Further Vote of Confidence, Nationwide Ventures Invests in CLARA Analytics

SUNNYVALE, Calif. & COLUMBUS, Ohio--(BUSINESS WIRE)--
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.”

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. 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. CLARA’s predictive insight gives claim professionals augmented intelligence that helps them reduce claim costs and optimize outcomes for the carrier, customer and claimant. CLARA’s customers include companies from the top 25 global insurance carriers to large third-party administrators and self-insured organizations. Founded in 2017, CLARA Analytics is headquartered in California’s Silicon Valley. For more information, visit www.claraanalytics.com, and follow the company on LinkedIn and @CLARAAnalytics.

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess and surplus, specialty and surety; and pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.

Subscribe today to receive the latest news from Nationwide, and follow Nationwide PR on X.

Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company.© 2024 All other brand names and solution names are trademarks or registered trademarks of their respective companies.

Tags: CLARA Analytics, Nationwide Mutual Insurance Company, Nationwide Ventures, Nationwide, insurtech, claims optimization, claims adjusters, claims managers, claims, claims management, artificial intelligence, AI, generative AI, GenAI, machine learning, predictive analytics, commercial insurance, general liability, workers compensation, funding

src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20240221342919r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />

View source version on businesswire.com: https://www.businesswire.com/news/home/20240221342919/en/

Media Contacts:

Dottie O’Rourke

TECHMarket Communications for CLARA Analytics

650-344-1260

[email protected]

Lyndsey Kleven
Nationwide Public Relations

[email protected]

Source: CLARA Analytics