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CLARA ANALYTICS SECURES FUNDING FROM NATIONWIDE




IN A FURTHER VOTE OF CONFIDENCE, NATIONWIDE VENTURES INVESTS IN CLARA ANALYTICS



SUNNYVALE, Calif. and COLUMBUS, Ohio — February 21, 2024 — CLARA Analytics and
Nationwide are deepening their current partnership. CLARA has received an
investment from Nationwide Ventures, the investment arm of the insurance and
financial services company. Nationwide’s investment comes from its $350 million
investment fund. CLARA has raised a total of $64 million, including its recently
announced Series C.

CLARA’s award-winning AI platform, CLARAty.ai, analyzes both structured and
unstructured data, performing contextual analysis using natural language
processing (NLP) and generating insights that help claims associates make sound
data-driven decisions.

“The Nationwide investment is a huge vote of confidence from a leading voice in
the industry,” said Heather H. Wilson, CEO of CLARA Analytics. “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.”

> 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.”
> 
> Heather H. Wilson, CEO of CLARA Analytics.

CLARA uses predictive AI, generative AI (GenAI), and large language models
(LLMs) to extract detailed information from claims documents and deliver concise
case summaries, predictive alerts, and actionable recommendations to claims
associates. Together, the AI platform will inform key stakeholders across the
organization, delivering highly relevant information to the exact people who
need it.



“Since partnering together in 2022, Nationwide has seen the very substantial
benefits that this technology can offer,” said George Williams, Chief Operating
Officer of Commercial, E&S and Specialty at Nationwide. “We’re excited to expand
this relationship and look forward to what’s to come between our two companies.”

> 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.”
> 
> George Williams, Chief Operating Officer of Commercial, E&S and Specialty at
> Nationwide.

About CLARA Analytics

CLARA Analytics is the leading AI as a service (AIaaS) provider that improves
casualty claims outcomes for insurance carriers, MGAs, reinsurers, and
self-insured organizations. The company’s platform applies image recognition,
natural language processing, and other AI-based techniques to unlock insights
from medical notes, legal demand packages, bills, and other documents
surrounding a claim. CLARA’s predictive insight gives claim professionals
augmented intelligence that helps them reduce claim costs and optimize outcomes
for the carrier, customer and claimant. CLARA’s customers include companies from
the top 25 global insurance carriers to large third-party administrators and
self-insured organizations. Founded in 2017, CLARA Analytics is headquartered in
California’s Silicon Valley. For more information, visit www.claraanalytics.com,
and follow the company on LinkedIn and @CLARAAnalytics.

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest
and strongest diversified insurance and financial services organizations in the
United States. Nationwide is rated A+ by Standard & Poor’s. An industry leader
in driving customer-focused innovation, Nationwide provides a full range of
insurance and financial services products including auto, business, homeowners,
farm and life insurance; public and private sector retirement plans, annuities
and mutual funds; excess and surplus, specialty and surety; and pet, motorcycle
and boat insurance. For more information, visit www.nationwide.com.

Subscribe today to receive the latest news from Nationwide, and follow
Nationwide PR on X.

###

Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are
service marks of Nationwide Mutual Insurance Company.© 2024 All other brand
names and solution names are trademarks or registered trademarks of their
respective companies.

Tags: CLARA Analytics, Nationwide Mutual Insurance Company, Nationwide Ventures,
Nationwide, insurtech, claims optimization, claims adjusters, claims managers,
claims, claims management, artificial intelligence, AI, generative AI, GenAI,
machine learning, predictive analytics, commercial insurance, general liability,
workers compensation, funding

Media Contacts:

Dottie O’Rourke

TECHMarket Communications for CLARA Analytics

650-344-1260

CLARAanalytics@techmarket.com

Lyndsey Kleven

Nationwide Public RelationsLyndsey.Kleven@nationwide.com

TEAM CLARA ANALYTICS

CLARA Analytics is the leading AI as a service (AIaaS) provider that improves
casualty claims outcomes for commercial insurance carriers and self-insured
organizations.

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