CLARA Analytics, a US-based artificial intelligence (AI) technology provider for insurance claims optimisation, has received funding from Nationwide Ventures, the investment division of Nationwide.
The funding from Nationwide, which is an insurance and financial services company, has been made from its $350m investment fund.
Nationwide commercial, E&S and specialty chief operating officer George Williams said: “Since partnering together in 2022, Nationwide has seen the very substantial benefits that this technology can offer.
“We’re excited to expand this relationship and look forward to what’s to come between our two companies.”
Currently, CLARA Analytics has secured a total of $64m, including its Series C financing round announced last year.
In the financing round, the insurtech company raked in $24m. Spring Lake Equity Partners led the round, with existing investors such as Aspen Capital Group, Oak HC/FT, and QBE Ventures also participating.
Established in 2017, CLARA Analytics leverages predictive AI, generative AI (GenAI), and large language models (LLMs) to extract intricate data from claims documents. It then provides claims associates with succinct case summaries, predictive alerts, and actionable suggestions.
The firm’s AI platform, dubbed CLARAty.ai, analyses structured as well as unstructured data. It conducts contextual analysis using natural language processing (NLP) and produces insights that aid claims associates in making strong data-driven decisions.
CLARA Analytics CEO Heather Wilson said: “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 recognise 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 organisations.”