Munich Re North America Life has collaborated with EvolutionIQ to help disability insurers in Canada and the US gain direct access to the latter’s claims guidance platform, powered by artificial intelligence (AI) technology.
EvolutionIQ’s platform is designed to integrate with an insurer’s system to monitor daily open claims.
Through use of machine learning, the platform guides claims examiners to cases that call for more attention, or complex decisions.
The latest alliance integrates EvolutionIQ’s technology with Munich Re’s disability insurance expertise.
This is said to enable return disability claimants to work faster and lower losses and costs associated with claims.
EvolutionIQ COO and co-founder Michael Saltzman said: “Working together, we are going to dramatically increase claimant satisfaction, while simultaneously increasing efficiency and reducing costs in carrier claims departments.”
According to EvolutionIQ, those using its platform for over a year reported shorter claim cycles, along with loss ratio reductions of up to 3.3%.
These users also recorded claim flow-through reductions of up to 45%, claimed the firm.
Munich Re Life US group and living benefits reinsurance senior vice-president Mark Costello said: “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. We are excited to work with EvolutionIQ to deliver cutting-edge technology that delivers real business impact to our clients.”