CLARA Analytics, a leading AI as a service (AIaaS) provider focused on transforming casualty claims outcomes, has recently announced a significant financial boost.
This investment, drawn from Nationwide’s $350m investment fund, brings CLARA Analytics’ total funding to $64m.
The California-based company stands out for its advanced AI platform, CLARAty.ai, which leverages both structured and unstructured data to perform contextual analysis. Through natural language processing (NLP), the platform generates insights that empower claims associates to make informed, data-driven decisions. This technology has been instrumental in helping CLARA Analytics more than double its annual recurring revenue over the past year.
CLARA Analytics CEO Heather H. Wilson expressed gratitude for Nationwide’s investment, viewing it as a significant vote of confidence from a leading industry player. “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.”
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