CLARA Analytics announces record revenue growth

CLARA Analytics, the AI technology provider for insurance claims optimisation, has announced a remarkable 100% year-over-year growth in annual recurring revenue (ARR).

This clearly cements CLARA’s position as a frontrunner within AI claims management technology for workers’ compensation, auto liability, and general liability carriers.

Central to the company’s success lies CLARAty.ai, which adeptly processes both structured and unstructured data for each claim.

The platform identifies salient features based on AI models built upon historical closed claims, and offers predictive guidance to claims professionals. It’s suite of models, which includes, CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA Optics and CLARA MSP Compliance modules, empowers claims professionals to choose specific capabilities in order to help tackle their rising insurance claims challenges.

“Investors, industry leaders, and analysts are responding extremely positively to CLARA’s rapid growth and customer success. Insurance carriers are seeing the value in terms of very rapid ROI, and forward-looking thought leaders are understanding just how impactful AI will be on the future of claims management. CLARA is proud to be in the lead position in this category, with tremendous forward momentum,” commented CLARA Analytics CEO Heather H. Wilson.

Among the organisation’s key clients are American Equity Underwriters, Berkshire Hathaway Homestate Companies, Foresight Insurance, and Amerisure.

As a result, this exposure has allowed CLARA to generate cash in its recent funding rounds.

In August 2023, CLARA managed to secure $24 million in Series C funding led by Spring Lake, with participation from Aspen Capital Group, Oak HC/FT, and QBE Ventures.

Additionally, just last month, the company announced another infusion of funds from Nationwide Ventures, who are known for investing in companies that are shaping the future of insurance and financial services. Following this latest tranche, the firm’s total raised capital amounts to $64 million.

“Over the last two years our ARR has tripled, reflecting the relentless dedication of our team and the unwavering trust of our valued customers,” Wilson added.

“This remarkable milestone not only underscores our commitment to delivering cutting-edge AI solutions but also highlights the expanding investor and customer appetite for innovative AI technologies in the insurance and risk markets. We remain steadfast in our mission to drive further growth, harnessing the power of artificial intelligence to unlock new opportunities and create lasting value for all stakeholders.”

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