CLARA Analytics is known as a leading AI as a service provider especially inclined towards transforming casualty claims outcomes. Therefore, the company has recently announced a significant financial boost. This following investment, drawn from Nationwide’s $350m investment fund, brings CLARA Analytics’ total funding to $64m.
This California-based company is well recognized for its advanced AI platform, CLARAty.ai, which leverages both types of structured and unstructured data to analyse and compile complex datasets. By the use of natural language processing (NLP), it designs insights that empower claims associates to make informed, data-driven decisions as per the following data. This technology has been instrumental in helping CLARA Analytics more than double its annual recurring revenue over the past year.
On this following bulletin, CLARA Analytics CEO Heather H. Wilson expressed his 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.”
