EvolutionIQ and Munich Re are teaming up to expand the use of AI-based claims guidance in relation to disability insurance carriers across the US.
The agreement between the two firms, announced in a press statement, says that Munich Re will offer disability insurers in the U.S. and Canada direct access to EvolutionIQ’s claims guidance platform through its insurance advisory services.
Mark Costello, senior vice president, group and living benefits reinsurance at Munich Re Life US, said: “EvolutionIQ offers our industry a significant opportunity to control claim costs while delivering enhanced claimant satisfaction.”
He added: “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.”
The partnership aims to help disability claimants return to work faster while reducing claims losses and expenses.
Evolution IQ has managed so far to raise £21m in Series A funding this year. When it was first announced in April, the firm said that the round was led by Brewer Lane Ventures, with participation from FirstRound Capital, FirstMark Capital, Foundation Capital, Altai Ventures, and Asymmetric Ventures. Other investors included Reliance Standard Life, New York Life Ventures, Guardian Life, and Sedgwick.
The new funding will largely be used to expand the engineering, data science, product, and customer success teams, as well as the development of new AI modules.
According to EvolutionIQ, it actively monitors open claims to guide frontline operators to those needing more attention, new actions, or complex decision-making. It also claims that its software’s users have seen increased claim capacity and lower claims costs.
Speaking about this new deal, Michael Saltzman, COO and cofounder of EvolutionIQ, said that the disability space was ripe for modernisation.
He added: “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.”