CLARA Analytics reveals record revenue growth

At the core of this success lies CLARAty.ai, which adeptly processes both structured and unstructured data for each claim.

Through AI models built on historical closed claims, the platform offers predictive guidance to claims professionals. Its suite of modules, including CLARA Triage, CLARA Treatment, and CLARA Litigation, empowers professionals to address the mounting challenges in insurance claims management.

CLARA Analytics CEO, Heather H. Wilson, was enthusiastic about the firm’s progress in the industry, stating, “Investors, industry leaders, and analysts are responding extremely positively to CLARA’s rapid growth and customer success. Insurance carriers are seeing the value in terms of very rapid ROI, and forward-looking thought leaders are understanding just how impactful AI will be on the future of claims management. CLARA is proud to be in the lead position in this category, with tremendous forward momentum.”

Among CLARA’s notable clients are leading insurance carriers like American Equity Underwriters, Berkshire Hathaway Homestate Companies, and Amerisure.

This exposure has allowed the firm to generate cash in its recent funding rounds. In August 2023, the company secured $24m in Series C funding led by Spring Lake, with participation from Aspen Capital Group, Oak HC/FT, and QBE Ventures.

CLARA recently disclosed another injection of funds from Nationwide Ventures, known for investing in companies driving innovation in insurance and financial services. With this latest tranche, the firm’s total raised capital amounts to $64m.

Speaking on CLARA’s remarkable growth, Wilson added, “Over the last two years our ARR has tripled, reflecting the relentless dedication of our team and the unwavering trust of our valued customers. This remarkable milestone not only underscores our commitment to delivering cutting-edge AI solutions but also highlights the expanding investor and customer appetite for innovative AI technologies in the insurance and risk markets. We remain steadfast in our mission to drive further growth, harnessing the power of artificial intelligence to unlock new opportunities and create lasting value for all stakeholders.”

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