- 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, 2022 – EvolutionIQ 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.”
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.
Munich Re North America Life