CCC Intelligent Solutions Inc. has acquired Evolution IQ, Inc., an AI-powered platform for disability and injury claims, which CCC could eventually integrate into auto claims and the repair process.
“The acquisition expands CCC’s market reach into strategic adjacencies and strengthens its industry-leading AI-powered SaaS platform through the addition of transformative AI capabilities that will work to revolutionize how insurance claims are resolved,” a press release says.
CCC’s suite of SaaS solutions for managing auto casualty claims includes tens of billions of dollars of injury claims processed each year, the release says. It says Evolution IQ’s platform, founded in 2019, is used by many of the largest insurers including seven of the top 15 U.S. disability carriers.
EvolutionIQ’s AI-powered claims guidance and intelligent summarization include “next best action” recommendations. The platform deciphers complexity and delivers actionable insights to claims professionals, the release says. Its Medical Summarization platform supports all life, accident, and casualty lines of insurance.
“Disability and injury claims are a large and growing part of the insurance economy and have become increasingly complex to manage and resolve,” said Githesh Ramamurthy, CCC chairman and CEO, in the release. “Acquiring EvolutionIQ adds proven, AI-powered injury claims resolution capabilities to our existing auto casualty product suite and accelerates CCC’s strategy of leveraging real-world AI to solve complexity across the broader insurance ecosystem. We expect EvolutionIQ’s Next Best Action capabilities and CCC’s connected network and event-based architecture to deliver a transformational leap forward for insurers and their ability to deeply integrate AI into their existing workflows, a critical step in unlocking the power and promise of AI for their business and their claimants’ experience.”
In the near term, EvolutionIQ’s Medical Summarization platform will be used by CCC to help insurers decipher “mountains” of medical documentation in seconds, said Marc Fredman, CCC chief strategy officer, via email. He said the platform will provide insight that accelerates decisions and guides the next best actions.
“For example, claims professionals often manage between 100 and 200 claims at once, with each claim consisting of dozens, if not hundreds, of pages of information,” Fredman said. “With AI, Gen-AI, and next best action recommendations, this data can be analyzed quickly, helping professionals prioritize files and take appropriate next steps based on the needs and dynamics of the claim at hand. This enables the next wave of intelligent experiences, delivering timely claims resolutions while helping policyholders return to their lives faster.”
Fredman said the model will involve “humans-in-the-loop.” He said AI complements the human element but does not replace it.
“Human involvement in claims management will not go away,” Fredman said.
He said EvolutionIQ will help CCC with its broader strategy of delivering intelligent experiences across customers and partners.
“Over time, we will explore additional use cases of intelligent summarization of unstructured documents and data in the claims and repair process,” Fredman said.
He added later in the email, “It is easy to imagine how providing next best action guidance could help navigate the complexity in auto physical damage claims, parts ordering, repair operations and so much more,” Fredman said.
“We are thrilled to enter this next phase of EvolutionIQ’s growth as part of the CCC team,” said Michael Saltzman, co-founder and co-CEO of EvolutionIQ, in the release. “Our unique team of world-class insurance experts, data scientists, engineers, and customer success professionals have built category-creating technology that’s delivered tremendous value to our carrier customers, their employer policyholders, and claimants, all because of the possibility to accelerate return to health.”
The release says EvolutionsIQ’s founders and team will become part of the broader CCC team as part of the transaction.
“We are incredibly impressed by the EvolutionIQ team, and are excited to work alongside them as we continue to transform how insurers resolve claims,” Ramamurthy said. “Together, CCC and EvolutionIQ will help insurers leverage AI more broadly to deliver a profound improvement across injury claim resolution, spanning auto casualty, disability, workers’ compensation, and general liability lines of insurance. This acquisition is an important step toward enabling our broader vision of making the claims and repair experience just work for our customers and theirs.”
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{URL}https://www.repairerdrivennews.com/2024/12/26/ccc-acquires-ai-powered-platform-currently-used-for-disability-and-injury-claims/{/URL}
{Author}Teresa Moss{/Author}
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