CLARA Analytics, an AI as a service (AIaaS) provider based in Santa Clara, California, has received a significant investment from Nationwide Ventures, the investment arm of Nationwide, a renowned insurance and financial services company. While the exact amount of the investment remains undisclosed, it comes as part of Nationwide Ventures’ $350 million investment fund, deepening the partnership between the two entities.

Led by CEO Heather H. Wilson, CLARA Analytics specializes in improving casualty claims outcomes for various entities in the insurance industry, including carriers, MGAs, reinsurers, and self-insured organizations. The company’s platform utilizes advanced technologies such as image recognition, natural language processing (NLP), and predictive AI to extract insights from diverse documents related to claims processing, such as medical notes, legal demand packages, and bills.

Heather H. Wilson expressed her excitement about the investment, emphasizing Nationwide’s confidence in CLARA Analytics and its potential impact on the industry. She highlighted CLARA’s impressive growth, including doubling its annual recurring revenue over the past year, indicating a growing recognition of the value of AI in claims management.

George Williams, Chief Operating Officer of Commercial, E&S and Specialty at Nationwide, spoke positively about the partnership, noting the significant benefits that technology has already brought to Nationwide since their collaboration began in 2022. Williams expressed anticipation for further developments resulting from the strengthened relationship between the two companies.

With this investment from Nationwide Ventures, CLARA Analytics aims to expand its operations and enhance its business reach, further solidifying its position as a leader in AI-driven solutions for claims management within the insurance industry.