The company utilises a combination of predictive artificial intelligence (AI), Generative AI (GenAI) and large language models (LLMs) to extract information from claims documents. Credit: Duncan Andison/Shutterstock.

Insurtech company CLARA Analytics has secured an undisclosed investment from Nationwide Ventures, enhancing its capabilities in AI-driven insurance claims processing.  

CLARA Analytics offers an AI platform, CLARAty.ai, to analyse a mix of structured and unstructured data.  

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It employs natural language processing (NLP) to perform contextual analysis, generating insights that support claims associates in making informed, data-driven decisions. 

The company utilises a combination of predictive AI, GenAI and LLMs to extract information from claims documents.  

This is said to result in concise case summaries, predictive alerts, and actionable recommendations that are provided to claims associates. 

CLARAty.ai is designed to serve as a platform for key stakeholders within an organisation, ensuring that the right individuals have access to the necessary insights. 

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Nationwide Ventures is the investment arm of insurance company Nationwide.  

The investment is a continuation of the collaborative relationship between CLARA Analytics and Nationwide.  

In early 2022, the two companies initiated a partnership to integrate AI technology into the commercial insurance sector, focusing on enhancing workers’ compensation claims operations through AI. 

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.” 

Nationwide chief operating officer of commercial, E&S and specialty George Williams said: “Since partnering together in 2022, Nationwide has seen the very substantial benefits that this technology can offer.  We are excited to expand this relationship and look forward to what’s to come between our two companies.” 

Since its inception in 2017, CLARA Analytics has demonstrated significant growth, with total fundraising reaching $64m.  

This includes $24m raised in a Series C financing round announced in September 2023.