The Insurance Industry’s ‘Buy vs Build’ Dilemma for AI Solutions
The ‘Build vs Buy’ dilemma for AI-powered solutions is a tough one for business leaders – even for those with deep pockets, significant scale, and technology teams packed with cutting-edge talent. The reason it’s so tough boils down to the fundamental nature of artificial intelligence and next generation machine learning projects: They don’t behave like […]
Why We Chose to Harness the Power of AI for Insurance
Why We Chose to Harness the Power of AI for Insurance Insurance is a product that everyone in the world needs. In reality, it’s actually pretty simple: Insurance is the service of transferring the risk of an unbearable financial outcome away from you to an entity that can withstand it at a fair price. This […]
How Machine Learning Solves ‘Impossibly Hard’ Big Data Insurance Problems
In an in-depth interview with Carrier Management, Tomas Vykruta, co-founder and CEO of EvolutionIQ, explains how we’re bringing machine learning approaches to formerly intractable big data problems in claims management. We’ve pulled out some highlights below – or you can link to the full article here. Insurers have massive data problems, but they’re tackling these […]
How Modern Carriers Are Radically Transforming Their Traditional Adjustment Methodology
How Modern Carriers Are Radically Transforming Their Traditional Adjustment Methodology Insurance claims management is drowning in the quantity and complexity of data involved with each claim, as many last for years and are filled with hundreds of pages of both structured and unstructured data. The result is costly – and it’s priming the insurance industry […]
Why is now a good time to join EvolutionIQ
Why is now a good time to join EvolutionIQ A brief update on EvolutionIQ. We are a rapidly growing VC-funded technology company founded in 2019 by engineers from Google, Bloomberg and an algo investor from Bridgewater. We’re based in NYC and also hiring remotely. Our mission is to reduce the cost of insurance for everyone. Our product is an […]
Arming Adjusters with Cutting Edge Artificial Intelligence and Machine Learning Tools
As artificial intelligence and machine learning (AI/ML) continues to mature in some parts of the financial services industry, (algorithmic and machine learning investing models began over two decades ago), the deployment of AI/ML into the insurance company claims ecosystem is still in the early adopter stage. Forward thinking carrier and third party administrator claims organizations […]
EvolutionIQ HOWTO: Best Practices for Working Remotely / Working From Home (WFH)
EvolutionIQ HOWTO: Best Practices for Working Remotely / Working From Home (WFH) author: Tomas Vykruta Advantages of Remote Work Working remotely benefits us individually, and benefits the company too. However, as is the case with all great things in life, it requires learning a set of new skills. Read this document carefully. The benefits are […]
Strategies for Data Imbalance in Fraud Classifiers
For years, fraudsters would file claims and collect money from overstated or completely made up injuries and disabilities. Nevertheless, experts predict online insurance fraud to soar to a whopping $32 billion in 2020. Putting it into perspective, this amount is superior to the profits posted recently by some worldwide household, blue chip companies in 2017, such as Coca-Cola ($2 billions), Warren […]