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Nationwide Ventures, the investment arm of a well-known insurance and financial services company, has made a significant investment in CLARA, further strengthening the bond between the two companies.
The investment stems from Nationwide’s $350 million investment fund and marks a pivotal moment in the development of their relationship.
CLARA Analytics is a leading provider of AI-powered solutions for insurance claims management and is making waves in the industry with its innovative platform CLARAty.ai.
CLARA’s platform leverages cutting-edge technologies such as natural language processing (NLP), predictive AI, generative AI (GenAI), and large-scale language models (LLM) to analyze both structured and unstructured data. Excellent.
CLARAty.ai extracts complex details from insurance claim documents to generate actionable insights and empower claims professionals to make informed decisions.
Heather H. Wilson, CEO of CLARA Analytics, expressed enthusiasm for the investment, saying, “Investing in Nationwide is a huge vote of confidence from a key voice in the industry.”
Wilson highlighted that CLARA has grown significantly, doubling its annual recurring revenue over the past year as airlines increasingly recognize the value of AI in claims management. With Nationwide’s support, CLARA expects its rapid expansion to further accelerate and for AI to become a cornerstone of modern claims management organizations.
“Since partnering in 2022, Nationwide has realized the tremendous benefits this technology can bring,” said George Williams, Nationwide Chief Operating Officer, Commercial, E&S and Specialty.
“We are excited to expand this relationship and look forward to seeing what happens between our companies.”
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