EvolutionIQ and Munich Re North America Life Partner To Expand Use of Next Generation AI-based Claims Guidance

  • Munich Re now endorses EvolutionIQ’s claims guidance platform to the North American business partners and firms it reinsures 
  • Proprietary deep learning delivers comprehensive and continuous claims analysis, daily reprioritization and transparent decision-making guidance for examiners     
  • Partners’ combined experiences and expertise help increase claim capacities and lower claim costs for insurers

 

NEW YORK  June 7, 2022EvolutionIQ and  Munich Re North America Life (Munich Re) today announced they have entered into a strategic partnership to expand the use of next-generation artificial intelligence (AI)-based claims guidance to disability insurance carriers across North America. Under the agreement, Munich Re, as part of its insurance advisory services, will offer disability insurers in the U.S. and Canada direct access to EvolutionIQ’s industry-leading claims guidance platform. 

Leveraging advanced machine learning, EvolutionIQ’s platform integrates with an insurer’s system to monitor daily open claims, and then guide claims examiners to cases that require more attention, new actions, or complex decision-making. Insurance carriers and third-party administrators using EvolutionIQ for more than one year saw shorter claim cycles, which increases claimant satisfaction and allows for benefits to be paid faster; loss ratio reductions of up to 3.3 percent; and claim flow-through reductions, which measure movement from short-term disability to more costly long-term disability, of up to 45 percent – with all of the improvements directly attributable to EvolutionIQ. 

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. Benefits of the partnership for insurance carriers include:

  • Access to EvolutionIQ’s dedicated team of experts for seamless program adoption
  • Access to Munich Re’s group and individual disability expertise and advisory services 
  • Rapid program deployment, with the platform typically operational in less than eight weeks

 

“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,” said Michael Saltzman, COO and Co-Founder of EvolutionIQ. “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.” 

“EvolutionIQ offers our industry a significant opportunity to control claim costs while delivering enhanced claimant satisfaction,” said Mark Costello, Senior Vice President, Group and Living Benefits Reinsurance at Munich Re Life US. “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.” 

 

About EvolutionIQ

EvolutionIQ is the leading provider of claims guidance software. Using advanced, proprietary machine learning and natural language processing, the claims guidance platform actively monitors extremely complex bodily injury claims. The system combines real-time predictive accuracy, clear guidance and explainable AI, and EvolutionIQ’s strategic deployment services to ensure adoption and business impact. As a result, EvolutionIQ claims organizations spend their efforts on claims they can impact – and their claimants get better, more tailored service. Insurers choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process. For more information, visit www.evolutioniq.com and follow the company on LinkedIn.

 

About Munich Re

Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG.

Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivaled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2019 Pacific typhoon season.

Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, or cyberattacks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.

 

###

Press contacts

Jason Kapler

EvolutionIQ

Press@evolutioniq.com

(917) 740-5608

 

Michael McNamara 

mimcnamara@munichre.com

Munich Re North America Life 

(860) 549-6442

About EvolutionIQ

EvolutionIQ has become one of the insurance industry’s fastest-adopted software applications by linking institutional experience with professional operators to drive better handling outcomes. EvolutionIQ allows organizations to combine the predictive power of historical claims analysis with unstructured claimant data and third party information to automatically identify high-opportunity claims, and cases likely to be referred to adjusters. Insurers choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process. For more information, visit www.evolutioniq.com and follow the company on LinkedIn.
Press contact information:
Kathy Osborne
EvolutionIQ
607-434-2065
Previous press releases & announcements

EvolutionIQ and Munich Re North America Life Partner To Expand Use of Next Generation AI-based Claims Guidance

Munich Re now endorses EvolutionIQ’s claims guidance platform to the North American business partners and firms it reinsures  Proprietary deep...

EvolutionIQ Raises $21M Series A To Deliver AI Based Claims Guidance Across The Industry

New York, New York – April 12, 2022– EvolutionIQ, the most rapidly adopted Claims Guidance platform amongst insurance carriers, today...

EvolutionIQ Executive Co-Chairs the International Claim Association's Insurance Technology and Analytics Committee

NEW YORK, Feb. 25, 2022 — EvolutionIQ, the most rapidly adopted Claims Guidance platform amongst insurance carriers, is pleased to announce its...

EvolutionIQ Expands Leadership Team with Insurance Industry Veteran

Alex brings over 20 years of experience in the insurance technology business, having worked both at major carriers in executive...

EvolutionIQ Named in Oxbow Partners Impact 25 Transforming the Insurance Industry

Oxbow Partners, the preeminent management consulting organization in Europe recently released their annual Impact 25 list, highlighting the companies driving...

EvolutionIQ Named in Insurtech Insights Future50 Americas

In July 2021, EvolutionIQ was named on Insurtech Insights Future50 list of companies reimagining the future of insurance. This carefully curated list...
%d bloggers like this: