EvolutionIQ’s ‘Top 22 in 2022’ Accomplishments

By Sean Gannon


EvolutionIQ accomplished more this year than in any year previously – and we exceeded even our most bullish expectations for our company across an array of financial, technical, and operational dimensions. 

More than just smashing our revenue targets, our technology has grown, our customer base has grown, our team has grown, our relationships with the world’s most important insurance carriers have grown, and much more. Everyone at EvolutionIQ put their fingerprint on this growth and each of us are proud of the work – and eager to smash the next targets in 2023. 

Most importantly, EvolutionIQ has contributed to the recovery of tens of thousands of sick, injured, and disabled people. There aren’t always win-win outcomes between carriers and claimants available in the insurance world, but EvolutionIQ has proven that they are not only possible, but through the use of advanced technology, scalable as well.

Here’s a partial list – that we’ll cap at 22 in a hat tip to 2022 – of just some of what the team at EvolutionIQ accomplished.

The EvolutionIQ ‘Top 22 of 2022’

Our Business

  1. Dramatically increased our customer base and tripled our contracted revenue in 2022
  2. We passed the key milestone of a majority of major US Disability carriers having now adopted at least one of our modules – with 10 of the top 20 Disability Carriers now using our software
  3. Every pilot we completed turned into a production customer 
  4. Our existing customers are rapidly implementing new software modules from us
  5. EvolutionIQ’s valuation increased 50 percent despite the tech sector’s ongoing volatility and many SaaS providers being down 40 percent or more
  6. Entered a strategic partnership with insurance giant Munich Re in which it offers our software to disability insurers it works with in the U.S. and Canada. It’s a significant endorsement for our entirely new class of machine-learning software by a global insurance player with the scale and reputation to visibly influence industry technology standards and trends.

 

Our Artificial Intelligence

  1. Helped nearly 120,000 sick or injured people return to work – and the number is increasing every day – as claims teams used our software to get them the help they need sooner
  2. Reduced claim durations across all of our customers’ claims blocks, with reductions ranging from 20% to more than 40% at multiple carriers
  3. We expanded our product lines – which already included Short-term and Long-term Disability – to Workers’ Compensation
  4. Launched our Individual Disability product with multiple top ten IDI carriers already as clients
  5. We added the new capabilities of Vocational Recommendation and Duration Predictions  across all our products 
  6. Expanded our short-term disability product to support Advance Pay & Close and Medical Recertification – which frees claim handler’s time and notifies them of immediate actions they can take to close claims
  7. Carriers and TPAs using EvolutionIQ who have been using the software for over a year saw loss ratio reductions of up to 3.3 percent. 
  8. Delivered a 7-10x ROI for clients driven by reduced claim durations
  9. Our Patent-Pending NLP technology, in-house labeled datasets, and unique use of 3rd party medical datasets gave us the capability in 2022 to parse full claim files and over 250,000 ICD medical codes
  10. Saved our clients and claimants 3,362 “Absence Years” in 2022 – which aggregates the time between when a claimant returns to work early due to EvolutionIQ’s guidance and the max duration (longest coverage period) on the claim.
  11. Increased our software’s Daily Active Users by 7x

 

Our People

  1. More than doubled our total headcount to nearly 100
  2. Tripled our engineering team from 13 to 40 people – as we continue to draw top talent from Amazon, Bloomberg, Carnegie Mellon University, Meta, Google, Lyft, Palantir, Reddit,, UC Berkeley, and other tech leaders 
  3. Inc. magazine named EvolutionIQ to its prestigious “Best Workplaces 2022” list for companies with both exceptional working environments and cultures 
  4. Moved our New York City offices to a much larger space in New York City’s Flatiron neighborhood to accommodate workspace for our growing team and to provide additional meeting space for our increased number of customer interactions
  5. Began our next growth phase with international expansion in Australia, Canada & Europe

 

We are off to a fast start in 2023 and continue to barrel toward our goal of becoming THE most impactful AI company in the insurance world by making insurance cheaper, more accessible and returning sick and injured workers to productive lives.

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