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. Insurance carriers will reap the following benefits from this partnership:
- 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. Platforms are usually operational within 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,” Michael SaltzmanEvolutionIQ, Co-Founder and COO. “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,” Mark Costello, Senior Vice President Group and Living Benefits Reinsurance, 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.”