Rooney Gleason, Chief Insurance Officer at EvolutionIQ, sat down for an interview with Peter Scarpato ahead of AIRROC’s Spring Members Meeting to discuss harnessing AI for legacy transactions. The following are some of the key takeaways from the discussion.
What was the catalyst for EvolutionIQ, and what fuels its momentum?
EvolutionIQ was founded with the goal of helping sick and injured workers return to their productive lives as quickly as possible. Our company began with a straightforward belief: combining humans with an artificial intelligence co-pilot would empower adjusters to better manage claims. Our technology employs a sophisticated AI algorithm to accelerate RTWs by helping claimants receive the support and resources they need more quickly. One reason that this is effective is due to the abundance of claims data in the insurance industry, enabling AI to predict the best course of action based on the claims history of a carrier.
What are the barriers facing claims organizations?
With the amount of claims adjusters are managing, there are significant barriers at even the most efficient claims organizations. Through AI, however, it’s possible to analyze large amounts of data in order to help organizations identify and prioritize critical cases and claimants who urgently require the attention of an adjuster so that claims can be resolved sooner. EvolutionIQ offers a tailored approach to managing claims, which ensures that claims align with the management strategies, risk tolerance, and requirements of reinsurance and run-off companies.
What are key advantages to using EvolutionIQ’s software?
Our software enables prioritization of claims that necessitate heightened levels of intervention. When Criticalclaims are classified early, insurers are able to allocate proper resources, and help claimants recover or return to work sooner. We also make note of claims that do not require intervention from the First Notice of Loss (FNOL) or First Report of Injury (FROI), which ffrees up resources to be reallocated towards claims that would benefit from intensive engagement.
What are some key factors of EvolutionIQ’s technology?
Our technology utilizes daily prioritization across an entire portfolio. We are working to identify trends that may otherwise go unnoticed and recognize high-risk claims at an early stage in the process. This allows claims professionals to implement more proactive management and mitigation strategies.
Is there an expected ROI?
EvolutionIQ’s software boasts improvements in claims outcomes, reduced costs, and more efficient allocation of resources. Clients see a more stable portfolio by streamlining the claims management process and providing strategic insights to assist in long-term planning and risk management.
Run-off and reinsurance companies can expect ROI through reduced claim durations, lowered operational costs, and the enhanced ability to identify and recover costs through reinsurance.
What can we expect to see in the future from EvolutionIQ?
Our plans revolve around generative AI. It’s currently utilized across all EvolutionIQ products and plays a key role in offering precise guidance for ‘next best action.’ Generative AI also ensures transparency in reasoning behind recommendations.
Specifically, we’re going to be including advanced features such for capturing and analyzing sentiments of various stakeholders – claimants, injured workers, and carriers.
For more information about how AI is making legacy claims management more efficient read Rooney’s full interview with AIRROC here.
