AI partnership ‘looks like the beginning of a beautiful friendship’
Like Fred and Ginger or Woody and Buzz – some duos simply fit. And that’s how a new partnership between insurance giant Munich Re North America Life and EvolutionIQ is playing out.
The insurance sector may lack glittering dance floors and animated toy chests for backdrops but it does have something in common with every buddy picture: a problem that can be solved better and faster when the pivotal characters team-up and work together.
That’s just what’s happening today. Under the agreement, Munich Re, as part of its insurance advisory services, will offer disability insurers it works with in the U.S. and Canada direct access to EvolutionIQ’s AI-powered claims guidance platform.
The partnership is quite unique in that it’s a wholesale endorsement for an entirely new class of machine-learning software – that we launched just three years ago – by a global insurance player with the scale and reputation to visibly influence industry technology standards and trends. The software, which dramatically shortens claim cycle times by daily guiding examiners to the most actionable subset of claims in a block, is poised to transform the fundamental approach that carriers now use to manage their claims. It’s currently being used by 7 of the top 15 Disability insurance carriers and third-party administrators.
This partnership will combine EvolutionIQ’s advanced technology and Munich Re’s deep expertise in disability insurance to help return disability claimants to work faster while reducing claim losses and expenses.
As Mark Costello, Senior Vice President, Group and Living Benefits Reinsurance at Munich Re Life US, said: “EvolutionIQ offers our industry a significant opportunity to control claim costs while delivering enhanced claimant satisfaction. Through this partnership, we have the opportunity to help our clients and their customers save money and reduce costs. We are excited to work with EvolutionIQ to deliver cutting-edge technology that delivers real business impact to our clients.”
Added Michael Saltzman, COO and Co-Founder of EvolutionIQ: “Munich Re is the industry standard for reinsurance in the disability space, so they know firsthand how complex the sector is – and how ripe it is for modernization. We have long been impressed by Munich Re’s digital transformation work and we are proud to be the claims guidance solution the company is recommending to their trusted partners and clients. Working together, we are going to dramatically increase claimant satisfaction, while simultaneously increasing efficiency and reducing costs in carrier claims departments.”
With Munich Re choosing EvolutionIQ’s solution as the one to recommend to their trusted partners and clients, Humphrey Bogart’s famous quote likely needs to be tweaked, as it looks like the beginning of many new beautiful friendships.