A new partnership just announced between EvolutionIQ and Majesco – which already share a number of joint customers – underscores just how complementary the two systems are for disability carriers and TPAs.
The agreement expands the use of EvolutionIQ’s AI-powered claims guidance for disability by integrating it with Majesco’s market-leading cloud platform solutions for policy, billing, claims, underwriting, and distribution. As the announcement notes, the tie-up is part of Majesco’s EcoExchange, which is a next-generation marketplace of partner technologies designed to help the insurance industry meet the demands of today’s digital customer.
Says EvolutionIQ co-founder and Co-CEO Michael Saltzman: “Both Majesco and EvolutionIQ are proven, advanced systems that are already delivering dramatic, measurable results for an array of the industry’s top carriers and TPAs. With this partnership, industry leaders can know and trust that our respective technology solutions are not only transformative, but they are complementary to each other in any environment.”
By providing one, integrated experience, the Majesco partnership will result in many more sick or injured people recovering. At the same time, insurers will see a number of operational and cost benefits.
- Faster integrations without IT-intensive requirements. This is because the partnership is designed to standardize the way in which data is exchanged between the two companies’ platforms.
- Those faster deployments, in turn, mean quicker, more predictable time to value.
- The synergies between the platforms will deliver clearer directives to front line operators, which results in more impactful claims guidance – putting the right examiner on the right claim at the right time – and better, more streamlined claim processing.
- Importantly, the claims guidance and complementary interaction between the technologies reduces claim durations – which creates a double win. The claimant experience is improved as sick or injured people recover sooner while insurers, as a result, are able to reduce loss ratios and have more resources available to do what they do best: help people.
Added Adam Elster, CEO at Majesco: “This partnership aligns with our relentless innovation focus to deliver intelligent, cutting-edge solutions that help our customers manage claims efficiently, control costs to improve profitability, and deliver exceptional customer experiences.”
The news follows on the heels of the strategic partnership that EvolutionIQ recently entered into with Munich Re. As part of their insurance advisory services, Munich Re now offers disability insurers it works with in the U.S. and Canada direct access to EvolutionIQ’s AI-powered claims guidance platform.
The Munich Re partnership is quite unique in that it’s a wholesale endorsement for an entirely new class of AI – that we launched just over three years ago – by a global insurance player with the scale and reputation to visibly influence industry technology standards and trends.
As Mark Costello, Senior Vice President, Group and Living Benefits Reinsurance at Munich Re Life US, said at the launch: “EvolutionIQ offers our industry a significant opportunity to control claim costs while delivering enhanced claimant satisfaction. Through this partnership, we have the opportunity to help our clients and their customers save money and reduce costs.”
Here’s to more “Avengers, assemble!” moments as innovators around the industry continue to join forces to both revolutionize disability claims and get more people back to work sooner.