April 22, 2024
Investments

Nationwide Ventures deepens partnership with CLARA Analytics through investment


Nationwide Ventures, the investment arm of the renowned insurance and financial services company, has made a significant investment in CLARA, further solidifying their bond.

clara-analytics-logoThis investment stems from Nationwide’s $350 million investment fund and marks a pivotal moment in the evolution of their relationship.

CLARA Analytics, a leading provider of AI-driven solutions for claims management, has been making waves in the industry with its innovative platform, CLARAty.ai.

Leveraging cutting-edge technologies such as natural language processing (NLP), predictive AI, generative AI (GenAI), and large language models (LLMs), CLARA’s platform excels at analyzing both structured and unstructured data.

By extracting intricate details from claims documents, CLARAty.ai generates actionable insights that empower claims associates to make informed decisions.

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Heather H. Wilson, CEO of CLARA Analytics, expressed her enthusiasm regarding the investment, stating, “The Nationwide investment is a huge vote of confidence from a leading voice in the industry.”

Wilson highlighted CLARA’s substantial growth, doubling its annual recurring revenue over the past year as carriers increasingly recognise the value of AI in claims management. With Nationwide’s backing, CLARA anticipates further acceleration in its rapid expansion, anticipating AI to become a cornerstone in modern claims management organisations.

“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.”

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