CCC Intelligent Solutions Inc. has acquired Evolution IQ, Inc., an AI-based platform for disability and injury claims, which CCC could potentially integrate into the auto claims and repair process.
“The acquisition expands CCC’s market reach into strategic adjacent areas and strengthens its industry-leading AI-enabled SaaS platform with the addition of transformative AI capabilities that will help revolutionize the way insurance claims insurance are resolved,” a press release states.
CCC’s suite of SaaS solutions for auto claims management includes tens of billions of dollars of claims processed each year, the release said. It says the Evolution IQ platform, founded in 2019, is used by several of the largest insurers, including seven of the top 15 disability insurers in the United States.
EvolutionIQ’s AI-powered claims advice and intelligent summary include “next best action” recommendations. The platform deciphers complexity and provides actionable insights for claims professionals, the release said. Its medical summary platform supports all lines of life, accident and damage insurance.
“Disability and personal injury claims represent a large and growing portion of the insurance economy and have become increasingly complex to manage and resolve,” said Githesh Ramamurthy, Chairman and CEO of CCC, in the press release. “The acquisition of EvolutionIQ adds proven AI-based injury claims resolution capabilities to our existing auto insurance product suite and accelerates CCC’s strategy of leveraging real-world AI to resolving complexity across the insurance ecosystem. We hope that EvolutionIQ’s Next Best Action capabilities and CCC’s connected network and event-driven architecture will be a transformational leap forward for insurers and their ability to deeply integrate AI into their existing workflows, a crucial step in unlocking the power and promise of AI for their business. and the experience of their applicants.
In the near term, EvolutionIQ’s medical summary platform will be used by CCC to help insurers decipher “mountains” of medical documents in seconds, Marc Fredman, CCC’s chief strategy officer, said by email. He said the platform will provide insights that accelerate decisions and guide the next best actions.
“For example, claims professionals often manage between 100 and 200 claims at a time, with each claim consisting of dozens, if not hundreds, of pages of information,” Fredman said. “Using AI, Gen-AI and next action recommendations, this data can be analyzed quickly, helping professionals prioritize cases and take appropriate next steps based on needs and dynamics of the complaint in question. This paves the way for the next wave of intelligent experiences, enabling claims to be resolved in a timely manner while helping policyholders get back to their lives faster.
Fredman said the model would involve “involved humans.” He said AI complements the human element but does not replace it.
“Human involvement in disaster management is not going away,” Fredman said.
He said EvolutionIQ will help CCC in its broader strategy to deliver intelligent experiences to its customers and partners.
“Over time, we will explore additional use cases for intelligent summarization of unstructured documents and data in the claims and repair process,” Fredman said.
He added later in the email: “It’s easy to imagine how providing guidance on the best actions to take could help manage the complexity of automobile physical damage claims, parts ordering, repair and much more,” Fredman said.
“We are excited to enter this next phase of EvolutionIQ’s growth as part of the CCC team,” Michael Saltzman, co-founder and co-CEO of EvolutionIQ, said in the release. “Our unique team of world-class insurance experts, data scientists, engineers and customer success professionals have built category-building technology that has delivered tremendous value to our carrier customers, their employer policyholders and to applicants, all thanks to the possibility of speeding up the return. to health. »
The release states that the founders and team of EvolutionsIQ will become part of the broader CCC team as part of the transaction.
“We are incredibly impressed with the EvolutionIQ team and are excited to work alongside them as we continue to transform the way insurers resolve claims,” said Ramamurthy. “Together, CCC and EvolutionIQ will help insurers leverage AI more broadly to drive profound improvement in personal injury claims resolution, spanning auto accident, disability, workers’ compensation and general liability insurance.” This acquisition is an important step toward realizing our broader vision of making the claims and repair experience work best for our customers and theirs.
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Photo courtesy of BlackJack3D/iStock
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