Here’s the Evidence: A Policymaker’s Guide to Evidence-Based Disability Policy

During a recent meeting with staff from the Senate Health, Education, Labor, and Pensions (HELP) Committee, I was asked a question central to Mathematica’s recent and ongoing disability research: “Our committee is dedicated to helping more individuals with disabilities find and sustain jobs.

Spotlight

Independence Blue Cross

Independence Blue Cross is the leading health insurance organization in southeastern Pennsylvania. With our affiliates, we serve nearly 8.5 million people in 25 states and Washington, D.C., including more than 2.5 million in the region. For nearly 80 years, we have been enhancing the health and well-being of the people and communities we serve by delivering innovative and competitively priced health care products and services; pioneering new ways to reward doctors, hospitals, and other health care professionals for coordinated, quality care; and supporting programs and events that promote well-being.

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Claims

Insurance with AI – What the Future Unfolds

Article | July 15, 2022

When building a practical framework, AI holds tremendous potential for insurers. Insurance companies can use AI to make better business decisions and provide differentiated customer experiences. To take advantage of AI, insurers need to know and clear the air about what is possible to do with AI. Insurance with AI: Understand, Learn & Respond Here are the ways insurers must use AI in their workforce and build a workable model. Language: Insurers can use natural language processing using AI to extract legacy unstructured data and convert it into structured data. As a result, organizations can extract information and automatically classify it into different sections. In addition, AI can even learn and guide users to make decisions using machine learning and curtail errors. Management: AI has emerged as a game-changer in managing the workforce, risks, and insurance functionalities and augmenting flawless products and services. While we talk about workforce management, AI puts tasks in one place, organizes them, and stores them under a data-proof model. So, no more scattered documents and pilling of files! AI is here, and it will transform and respond to businesses more efficiently with solution-driven aspects. Efficiency: Businesses need to be proactive by having a smart workforce that adds efficiency. Before, the insurance sector had a sloppy work platform. But now, with the passing of time, they need to overcome and be more efficient at work. Using AI in your business will save a lot of time, energy and money. It will lead to faster processes that are error-free, accurate, and predictive, encourage crystal clear communication, and have fewer chances of fraud. Insights on AI’s Role in Insurance Existing and start-up insurance businesses will be fortified with the help of AI use cases. Let’s get some insights into AI's potential for businesses. The global AI market is estimated to grow at a CAGR of 42.2% to $733.7 billion by 2027. The inclusion of AI in insurance records a growth of 56% until 2021. AI has the potential to save insurance companies up to $390 billion by 2023. In 2021, more than 40% of insurance businesses increased their expenditure on AI use cases and projects. Source: PWC These statistics show that AI in insurance is only going to get bigger. Investments in AI are high on the priority lists of decision-makers. The Futuristic Hold The insurance industry is under enormous pressure in terms of digital transformation. The rate of transformation is consistently accelerating. This paints the future of the insurance industry with AI to be more progressive with improved products and services, which will eventually host numerous opportunities for exponential expansion and reach globally.

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Insurance Technology

Is Your Policy Management System Costing or Saving Money?

Article | July 19, 2022

Insurtech is advancing, and the significance of an effective policy management system cannot be underrated. Policy management professionals understand the payoff it offers to an organization. On the other hand, a policy management system that just isn’t a good fit can prove to be a lot more expensive than previously budgeted. So what is it actually costing you? Is your policy management software updated, or are you still using an old version? Do you know how much it is hampering your financial productivity? Even then, often, an outdated system may not be affecting your process significantly but damaging it in other intangible ways that are just as crucial to business success. Analyze your current system for the following: Financial Implications of the Current System Manual processes for policy creation and management make up the costliest part of running a policy management system. Paper-based solutions incur high costs that can be easily avoided by using digital systems that use automation extensively. With thousands of policies and compliance procedures for your team to manage, costs can add up quickly, especially with printing and distribution costs. In addition to these expenses, manual processes are also responsible for policies being misplaced or lost. It may also result in a large fine for noncompliance if some policies are accessible to unauthorized employees. Indirect Expenses Organized policy management procedures are critical for high operational efficiencies. Policy management systems that require manual supervision can prove to be expensive over the long run as they require employees to monitor them constantly. However, automated policy management systems enable policy teams to optimize their resources better and direct team members to speed up other more crucial processes. Furthermore, modern policy management systems don’t need constant monitoring and require only a one time set-up. This enables teams to allocate resources where they are urgently needed. Wasted Resources If you have an outdated policy management system, chances are it takes a lot more micro-managing than it needs to. Businesses must be able to optimize their resources better but with old and outdated systems, it ends up cutting into the productivity and performance on an everyday basis. In addition, it puts undue stress on employees to keep up with compliance norms and changing regulations and policies. Policy management often requires various employees to pitch in with their inputs, and using an old system that doesn’t offer the option to collaborate can take away a huge chunk of productivity daily. What’s the Bottom Line? Automated policy management systems can undoubtedly save you a lot of time and resources. If you’re facing sky-high costs just to maintain your policy management system, it might be time for a rethink. From automating the lifecycle of policies and procedures to streamlining the management of policies by your agents, consolidating a policy management process with software is one of the best insurtech trends to look out for in 2023. It is probably what your organization needs to move the needle.

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Insurance Technology

Will your insurance IT investments pay off?

Article | July 15, 2022

Automated claims processing, price comparison platforms, mobile bill paying—these are just some of the digital services that insurance customers expect and insurers want to provide. As the demand for digital skyrockets, so does the need for insurers to invest in IT. In the past seven years, the share of IT in total operating costs of property-and-casualty (P&C) insurers increased 22 percent. The rise of digital means technology is no longer a cost center. Rather, it is an asset that, if managed well, can increase growth and profitability. But do these IT investments pay off? As the COVID-19 pandemic exacerbates already increasing cost pressures, insurers’ IT budgets are under scrutiny; they want to see the business impact of their IT investments. Insurers with targeted IT investments achieve better growth and performance Data from McKinsey’s Insurance 360° benchmarking survey provide strong evidence of the positive business impact of targeted IT investments. In fact, insurers that invest more in technology outpace competitors that don’t pursue targeted investments in business measures such as gross written premium (GWP) growth, return to shareholders, and expense and loss ratio (exhibit). As an example, in life insurance, companies that invested more in IT saw a greater reduction in expense ratios (by 2.0 percentage points) and higher returns on technical reserves2 (1.7 percentage points) when compared with insurers with lower IT investments. Insurers achieved these outcomes within three to five years of making their investments. For P&C insurers, those with high IT investments achieved approximately twice the top-line GWP growth of low IT investors. High IT investments also produced a greater reduction in combined ratios when compared with those with low IT investment. Four areas for targeted IT investment So what kinds of technology investments can help insurers achieve growth and improve productivity and performance? Investments in four areas are critical: Marketing and sales: Marketing technology solutions can increase sales and processing efficiency, improve the quality of core customer-facing processes such as policy inquiries and policy applications, and improve customers’ overall experiences. McKinsey’s Insurance 360° benchmarking data show that tech investments in this category can facilitate top-line growth for P&C insurers by up to 20–40 percent; for life insurers, that growth could be 10–25 percent over a three- to five-year period. Underwriting and pricing: Automated underwriting fraud detection can improve the likelihood that insurers correctly identify fraud and set accurate prices. A pricing tool kit that analyzes pricing across competitors and enables a flexible, more segmented market versus technical pricing further improves profit margins. Insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 10–15 percent in P&C insurance and 3–5 percent in life insurance. Policy servicing: Workflow automation, artificial intelligence–based decision support, and user experience technologies in policy servicing and within IT can improve the customer self-service experience and automate back-office processes, thus reducing IT and operations expenses. And state-of-the-art self-servicing options will reduce processing times and even improve customer experience. An analysis of programs for large-scale insurance IT modernization finds that insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 5–10 percent in P&C insurance and 10–15 percent in life insurance. Claims: P&C insurers can use automated case processing—machine-learning technology trained to process basic claims cases—to segment more complex cases and significantly improve claims accuracy. Combined with better partner integration and steering technologies embedded in a transformation of the claims operating model, such technologies can help P&C insurers improve profit margins by 25–40 percent, according to McKinsey analysis of large-scale IT modernization programs. To realize the full value of IT investments, insurers must strategically allocate their resources and view tech as an asset, not a tool.

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Insurance Technology

Time to Overcome Barriers in Your Decision-Making with Data Analytics

Article | May 20, 2022

A quick Google Trends search on data reveals that data analytics, data and analytics, data analysis, and predictive analytics have steadily grown in popularity among businesses across industries. These terms peaked when business leaders searched for ways to increase ROI and reduce business costs and tech-based investments. The insurance industry is amongst the industries actively leveraging data analytics. The rising importance of analytics in insurance has made CMOS take note too. As agility became more important in the insurance industry, more than 85% of global businesses shifted to a data-driven model. The purpose of taking you back is to emphasize that, as a CMO, now you need to churn accurate data and turn it into relevant information. This is a necessary model to practice to make the right decisions or will improve the decision-making process. Without data analytics, you are deciding in a void, and that’s not considered good practice. Forrester reports that 41% of insurance companies faced challenges in extracting data and making decisions based on it in 2020. Take a look at how and what you can do with insurance analytics to cater to better insights into your decision-making process and, finally, ROI generation. Bring Data to These Key Levels of Departments Marketing Analytics in insurance raises the bar in terms of marketing. As you know, marketing results frequently fluctuate, making data insights challenging to capture. CMOS who base their decisions solely on outcomes usually loses sight of making sound decisions due to unstructured data. Therefore, it is essential to have an aligned platform for data analysis in insurance. To begin with, marketers must understand the various types of data analytics available. Most insurance marketers employ descriptive, predictive, and prescriptive analytics, among others. This will assist them in strategizing based on continuous data insights from various sources for any given initiative. Sales Sales leaders can also improve how they spend their time by using data analytics to create more accurate sales forecasts. However, the question is, how will they do it efficiently? CRM software is the answer and solution to them. The software performs best because of its analytical capabilities in combination with data visualization, particularly predictive functions. It generates enormous amounts of data on customer interactions, which can then be used to inform decisions. You can assemble relevant data and use it to make some decisions, such as: Acquisition and management of leads Lead segmentation Sales funnel optimization There is enormous value in optimizing productive data by focusing on prospects likely to become loyal customers. Operations Utilizing data analytics in insurance boosts insurance operations. Small changes help to align a wide range of core processes. You can access data obtained from operations, observe key aspects of the overall processes, and make appropriate decisions. A targeted, timely, and data-driven approach will help you make decisions about these key functions, which can lead to business growth in the long run. Bain's research in 2019 reports that seventy insurers were polled. They say data analytics will reach 58% in the marketing funnel and 45% in business operations. Begin with Overcoming Barriers to your Decision-Making Process Use Data to Identify Customer Patterns Information from data can identify patterns. As mentioned above in the sales section, CRM's predictive modelling and the popular Google Analytics' descriptive overview are the two best platforms for identifying customer patterns. What is the best way to get pertinent data? Data mining is the answer to it. Do you want to know about it? Then read data mining for pattern evaluation now! As a CMO, you're probably aware that behavioral patterns are highly predictable and can sometimes result in unsatisfactory outcomes. This occurs when you are unable to obtain relevant data. And you end up performing ineffective marketing activities. To assist you in overcoming it, an AI-enabled platform can reduce the level of effort and provide the necessary data to study your customers' patterns in real-time. This is how you will notice a significant increase in sales. According to research by McKinsey and Company, automation saves 43% of insurance employees’ time. Segmenting Sales Plans Following the establishment of your customers' patterns, segmenting the insurance sales plan is a necessary step. In this process, analytics provide detailed information about customers, allowing you to make decisions about sales functionalities. This will undoubtedly reduce the time, energy, and effort you previously spent. Accurate customer segmentation and sales forecasting can also help tailor marketing efforts, improve the sales funnel, and keep sales strategies in check. When Media 7 contacted Vishal Srivastava, Vice President (Model Validation) at Citi, here’s what he said about data segmentation through data analytics. CMOs must ensure that adequate data quality checks have been performed, The goal is to ensure a scientific approach to data segmentation, sampling methodology, and data outliers, which can significantly impact revenue forecasts.” Pricing & Savings Analytics in insurance marketing can help CMOs make cost-cutting decisions and become more cost-effective in marketing efforts. It can set price ranges based on historical, current, and predictive performance. Also, analytics will help you figure out how to price things in the future, which will be good for ROI. Keep Improving with Data to Stay Abreast with The Decision-Making Process Better data organization in your business boosts productivity." Warren Buffett, an American business magnate, investor, and philanthropist. This phase is best suited to the current business environment. Implementing data analytics in insurance now will open up tremendous opportunities in the future. To make the most of them, you, as a CMO, must stick to a data-driven model for marketing actions. Aside from that, it appears that the data analytics you select for your business must be capable of informing and driving performance. Performances ranging from risk assessment to sales forecasting and a plethora of actionable insights assist businesses in thriving. Frequently Asked Question How are data analytics used in insurance companies? Data analytics empowers insurers to optimize each function and also assess risks. It also identifies trustworthy customers, which further boosts engagement. What does data analytics mean in insurance? Data analytics empowers insurance professionals by providing them with the business intelligence to understand their customers better, build better products and services, and thus, boost business growth. How are insurance companies using data? Insurers can use data to gain insights from customers’ profiles. They can review their history, behavioral pattern, and marketing needs to develop strategies and provide marketing services.

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Spotlight

Independence Blue Cross

Independence Blue Cross is the leading health insurance organization in southeastern Pennsylvania. With our affiliates, we serve nearly 8.5 million people in 25 states and Washington, D.C., including more than 2.5 million in the region. For nearly 80 years, we have been enhancing the health and well-being of the people and communities we serve by delivering innovative and competitively priced health care products and services; pioneering new ways to reward doctors, hospitals, and other health care professionals for coordinated, quality care; and supporting programs and events that promote well-being.

Related News

Life Insurance, Health Insurance

EvolutionIQ Improves Experience For Principal Financial Group® Disability Customers

PR Newswire | August 17, 2023

EvolutionIQ, the market-leading Claims Guidance platform for Disability, Workers' Compensation, and Property & Casualty lines of insurance, today announced that Principal Financial Group® has extended the use of EvolutionIQ's Claims Guidance platform into production for all of its disability insurance lines. Principal® is now the first carrier to extend EvolutionIQ across every segment of its group and individual disability product segments. EvolutionIQ's machine learning understands complex bodily injury to help guide claim examiners to the right actions on claims. Principal has extended EvolutionIQ's impact to all disability coverage phases. With claim actions happening earlier across all parts of the recovery journey, a positive ripple-effect occurs through the entire process. Data shows that EvolutionIQ enables Principal examiners to reduce unnecessary customer interactions by 64% on stable-bound claims, which are claims that will migrate to a mature status due to the longer recovery times expected. With fewer unnecessary interactions, customers are able to focus more time on recovery. Improved customer experience includes: More accurate referrals to clinical and vocational experts – which eliminates delays when the help of a specialist is what is most needed to help with recovery. Better identification of modified occupation opportunities or alternative occupations for those whose illness or injury means they will not be able to return to work in their original occupation. Faster benefit payments for sick or injured customers whose claims are stable or designated as long-term. These customers also benefit as the need to check-in with claims teams is significantly reduced. Matching senior examiners to more complex claims so that the right expertise is applied at first notice of injury. "Principal is dedicated to providing unique, tech-driven solutions for employers that simplify the benefits experience, not just at onboarding or the claims payment experience, but as part of the entire process in between," said Kara Hoogensen, Senior Vice President & Head of Workplace Benefits at Principal Financial Group. "Our continued collaboration with EvolutionIQ has improved the experience for our customers." Added EvolutionIQ co-Founder and co-CEO Michael Saltzman: "We are thrilled to continue to work with Principal across their disability product lines. They are committed to all forms of innovation that advance the interests of their customers and policy holders and we're honored to help them further their mission every day." Principal first integrated with EvolutionIQ in 2021 with the successful pilot and production launch of EvolutionIQ's Group Mature module. In 2022, Principal became a strategic investor in EvolutionIQ's Series B funding round, joining existing strategic investors New York Life Ventures, Tokio Marine, Guardian and Sedgwick, and has now expanded its use to include Group Short Term Disability and Group Long-Term Disability Core modules, as well as EvolutionIQ's Individual Disability module. About EvolutionIQ EvolutionIQ is the market leading Claims Guidance platform in Group and Individual Disability, Property & Casualty, and Workers' Compensation lines of insurance. EvolutionIQ now counts the majority of the top 20 US Disability and Life carriers as clients. EvolutionIQ's proprietary Artificial Intelligence uses the entire claim file contents, historical claims, and external data to guide claim handlers to their most productive task across the entire claim block, every day. The system combines real-time predictive accuracy, clear guidance, and explainable AI to ensure adoption and business impact. As a result, claims organizations spend their efforts on claims they can impact – and their claimants get better, more tailored service. Insurers choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process.

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Core Insurance, Insurance Technology

Securian Canada Selects the FINEOS Platform to Expand Disability Management Offering

Businesswire | July 18, 2023

FINEOS Corporation (ASX:FCL) announced today that Securian Canada has selected FINEOS for its disability management claims administration software solution. Securian Canada is a leading insurance provider of innovative, life-ready insurance and protection solutions in Canada. The FINEOS claims administration solution is scheduled to go live this fall to support Securian Canada’s short- and long-term disability benefits programs. FINEOS is the global leader providing end-to-end core software systems for life, accident and health insurance. The FINEOS Platform is purpose-built for the group and supplemental employee benefits market. More than a dozen customers in Canada use the FINEOS Platform, and FINEOS serves 7 of the 10 largest employee benefits insurers in the U.S. “We are delighted Securian Canada has chosen FINEOS and look forward to building a long-term, mutually beneficial relationship,” said CEO Michael Kelly. “The FINEOS Platform will help Securian deliver an excellent customer experience and will bring automation and efficiencies to their operations, enabling their staff to maximize their time caring for Canadians in the moments that matter the most.” “Securian Canada needs a best-in-class partner to support our ambitious strategic plans in the disability space,” said Sharla Postic, SVP Insurance Operations for Securian Canada. “We believe the FINEOS purpose-built platform and industry-leading capabilities in disability claims administration will help us continue to raise the bar in providing innovative insurance products and services to our customers.” About FINEOS Corporation FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest employee benefits insurers in the U.S., as well as a 70% market share of group insurance in Australia. With employees and offices throughout the world, FINEOS continues to work with innovative, progressive insurers in North America, EMEA, and Asia Pacific.

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Claims, Risk Management

Majesco and EvolutionIQ Partner to Expand AI-Powered Claims Guidance for Disability Insurance Lines

Businesswire | April 05, 2023

Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced a partnership to integrate EvolutionIQ’s AI-powered Claims Guidance platform with Majesco’s suite of disability insurance claims technology solutions. These include Majesco Claims for L&AH and Majesco ClaimVantage Claims for L&H. The integration is part of the Majesco EcoExchange, which is a next-generation marketplace of partner technologies designed to help the insurance industry meet the demands of today’s digital customer. Closely working with the EvolutionIQ team, the partnership will combine market-leading technologies from both organizations to help insurers transform their claims process, which in turn helps sick and injured claimants recover and return to work faster while reducing claim losses and expenses. Majesco and EvolutionIQ have a number of joint customers using both solutions today. Benefits of the partnership for insurers and TPAs include: Faster technology deployments and a faster return on investment from integrated solutions. A more dynamic and responsive claims solution to cost effectively manage and guide examiners and adjusters to the right claim at the right time and deliver excellent claimant experience. Reduced loss ratios, improved claims processing, reduced claim durations, and more claimants returning to work. “The insurance industry is at an inflection point as rapid advances in technology are now fundamentally changing the underlying economics of claims handling,” said EvolutionIQ co-founder and Co-CEO Michael Saltzman. “Both Majesco and EvolutionIQ are proven, advanced systems that are already delivering dramatic, measurable results for an array of the industry’s top carriers and TPAs. With this partnership, industry leaders can know and trust that our respective technology solutions are not only transformative, but they are complementary to each other in any environment. By deploying them together, forward-thinking insurers will help many more sick or injured people recover – while simultaneously realizing an impressive ROI.” EvolutionIQ’s AI-powered Claims Guidance is an entirely new category of software invented by EvolutionIQ that actively monitors every open insurance claim to guide frontline operators to those that require more attention, new actions, or complex decision-making. It uses next-generation machine learning and natural language processing to understand complex bodily injury and recovery like a medical expert and guide examiners and adjusters daily to the right actions on the right claims at the right time to maximize impact. The technology has already led to tens of thousands of sick and injured people getting their lives back on track, with the number increasing every day. Carriers report up to a 35 percent increase in sick or injured people returning to work using EvolutionIQ with those returns happening on average 3.5 months sooner when compared to legacy processes. “EvolutionIQ with Majesco Claims solutions for the L&AH segment offers our customers and the industry a significant opportunity to transform the claims dynamics for disability and workers compensation,” said Adam Elster, CEO at Majesco. “This partnership aligns with our relentless innovation focus to deliver intelligent, cutting-edge solutions that help our customers manage claims efficiently, control costs to improve profitability, and deliver exceptional customer experiences. We are thrilled to be working with EvolutionIQ to deliver real business value to our customers.” Majesco Claims for L&AH and Majesco ClaimVantage Claims for L&H are industry recognized as market leading solutions by industry analysts, supporting some of the largest insurers and most demanding claims operations. Majesco solutions help insurers manage and resolve claims faster, exceed customer expectations, manage complex integrated disability and absence management and return to work, and ignite innovation that delivers frictionless and transparent claims experiences. While historically claims operations focused on costs and efficiencies, today insurers must take a holistic customer view including management of complex injury claims to help claimants return to work quicker and safer, creating a new customer experience that is a cornerstone of satisfaction, loyalty, and retention. About EvolutionIQ EvolutionIQ is the market leading Claims Guidance platform in Group and Individual Disability, Property & Casualty, and Workers’ Compensation lines of insurance. EvolutionIQ now counts the majority of the top 20 US Disability and Life carriers as clients. EvolutionIQ’s proprietary Artificial Intelligence uses the entire claim file contents, historical claims, and external data to guide claim handlers to their most productive task across the entire claim block, every day. The system combines real-time predictive accuracy, clear guidance, and explainable AI to ensure adoption and business impact. As a result, claims organizations spend their efforts on claims they can impact – and their claimants get better, more tailored service. Insurers choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process. For more information, visit www.evolutioniq.com and follow the company on LinkedIn. About Majesco Majesco is the partner P&C and L&A insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now. As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

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Life Insurance, Health Insurance

EvolutionIQ Improves Experience For Principal Financial Group® Disability Customers

PR Newswire | August 17, 2023

EvolutionIQ, the market-leading Claims Guidance platform for Disability, Workers' Compensation, and Property & Casualty lines of insurance, today announced that Principal Financial Group® has extended the use of EvolutionIQ's Claims Guidance platform into production for all of its disability insurance lines. Principal® is now the first carrier to extend EvolutionIQ across every segment of its group and individual disability product segments. EvolutionIQ's machine learning understands complex bodily injury to help guide claim examiners to the right actions on claims. Principal has extended EvolutionIQ's impact to all disability coverage phases. With claim actions happening earlier across all parts of the recovery journey, a positive ripple-effect occurs through the entire process. Data shows that EvolutionIQ enables Principal examiners to reduce unnecessary customer interactions by 64% on stable-bound claims, which are claims that will migrate to a mature status due to the longer recovery times expected. With fewer unnecessary interactions, customers are able to focus more time on recovery. Improved customer experience includes: More accurate referrals to clinical and vocational experts – which eliminates delays when the help of a specialist is what is most needed to help with recovery. Better identification of modified occupation opportunities or alternative occupations for those whose illness or injury means they will not be able to return to work in their original occupation. Faster benefit payments for sick or injured customers whose claims are stable or designated as long-term. These customers also benefit as the need to check-in with claims teams is significantly reduced. Matching senior examiners to more complex claims so that the right expertise is applied at first notice of injury. "Principal is dedicated to providing unique, tech-driven solutions for employers that simplify the benefits experience, not just at onboarding or the claims payment experience, but as part of the entire process in between," said Kara Hoogensen, Senior Vice President & Head of Workplace Benefits at Principal Financial Group. "Our continued collaboration with EvolutionIQ has improved the experience for our customers." Added EvolutionIQ co-Founder and co-CEO Michael Saltzman: "We are thrilled to continue to work with Principal across their disability product lines. They are committed to all forms of innovation that advance the interests of their customers and policy holders and we're honored to help them further their mission every day." Principal first integrated with EvolutionIQ in 2021 with the successful pilot and production launch of EvolutionIQ's Group Mature module. In 2022, Principal became a strategic investor in EvolutionIQ's Series B funding round, joining existing strategic investors New York Life Ventures, Tokio Marine, Guardian and Sedgwick, and has now expanded its use to include Group Short Term Disability and Group Long-Term Disability Core modules, as well as EvolutionIQ's Individual Disability module. About EvolutionIQ EvolutionIQ is the market leading Claims Guidance platform in Group and Individual Disability, Property & Casualty, and Workers' Compensation lines of insurance. EvolutionIQ now counts the majority of the top 20 US Disability and Life carriers as clients. EvolutionIQ's proprietary Artificial Intelligence uses the entire claim file contents, historical claims, and external data to guide claim handlers to their most productive task across the entire claim block, every day. The system combines real-time predictive accuracy, clear guidance, and explainable AI to ensure adoption and business impact. As a result, claims organizations spend their efforts on claims they can impact – and their claimants get better, more tailored service. Insurers choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process.

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Core Insurance, Insurance Technology

Securian Canada Selects the FINEOS Platform to Expand Disability Management Offering

Businesswire | July 18, 2023

FINEOS Corporation (ASX:FCL) announced today that Securian Canada has selected FINEOS for its disability management claims administration software solution. Securian Canada is a leading insurance provider of innovative, life-ready insurance and protection solutions in Canada. The FINEOS claims administration solution is scheduled to go live this fall to support Securian Canada’s short- and long-term disability benefits programs. FINEOS is the global leader providing end-to-end core software systems for life, accident and health insurance. The FINEOS Platform is purpose-built for the group and supplemental employee benefits market. More than a dozen customers in Canada use the FINEOS Platform, and FINEOS serves 7 of the 10 largest employee benefits insurers in the U.S. “We are delighted Securian Canada has chosen FINEOS and look forward to building a long-term, mutually beneficial relationship,” said CEO Michael Kelly. “The FINEOS Platform will help Securian deliver an excellent customer experience and will bring automation and efficiencies to their operations, enabling their staff to maximize their time caring for Canadians in the moments that matter the most.” “Securian Canada needs a best-in-class partner to support our ambitious strategic plans in the disability space,” said Sharla Postic, SVP Insurance Operations for Securian Canada. “We believe the FINEOS purpose-built platform and industry-leading capabilities in disability claims administration will help us continue to raise the bar in providing innovative insurance products and services to our customers.” About FINEOS Corporation FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest employee benefits insurers in the U.S., as well as a 70% market share of group insurance in Australia. With employees and offices throughout the world, FINEOS continues to work with innovative, progressive insurers in North America, EMEA, and Asia Pacific.

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Claims, Risk Management

Majesco and EvolutionIQ Partner to Expand AI-Powered Claims Guidance for Disability Insurance Lines

Businesswire | April 05, 2023

Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced a partnership to integrate EvolutionIQ’s AI-powered Claims Guidance platform with Majesco’s suite of disability insurance claims technology solutions. These include Majesco Claims for L&AH and Majesco ClaimVantage Claims for L&H. The integration is part of the Majesco EcoExchange, which is a next-generation marketplace of partner technologies designed to help the insurance industry meet the demands of today’s digital customer. Closely working with the EvolutionIQ team, the partnership will combine market-leading technologies from both organizations to help insurers transform their claims process, which in turn helps sick and injured claimants recover and return to work faster while reducing claim losses and expenses. Majesco and EvolutionIQ have a number of joint customers using both solutions today. Benefits of the partnership for insurers and TPAs include: Faster technology deployments and a faster return on investment from integrated solutions. A more dynamic and responsive claims solution to cost effectively manage and guide examiners and adjusters to the right claim at the right time and deliver excellent claimant experience. Reduced loss ratios, improved claims processing, reduced claim durations, and more claimants returning to work. “The insurance industry is at an inflection point as rapid advances in technology are now fundamentally changing the underlying economics of claims handling,” said EvolutionIQ co-founder and Co-CEO Michael Saltzman. “Both Majesco and EvolutionIQ are proven, advanced systems that are already delivering dramatic, measurable results for an array of the industry’s top carriers and TPAs. With this partnership, industry leaders can know and trust that our respective technology solutions are not only transformative, but they are complementary to each other in any environment. By deploying them together, forward-thinking insurers will help many more sick or injured people recover – while simultaneously realizing an impressive ROI.” EvolutionIQ’s AI-powered Claims Guidance is an entirely new category of software invented by EvolutionIQ that actively monitors every open insurance claim to guide frontline operators to those that require more attention, new actions, or complex decision-making. It uses next-generation machine learning and natural language processing to understand complex bodily injury and recovery like a medical expert and guide examiners and adjusters daily to the right actions on the right claims at the right time to maximize impact. The technology has already led to tens of thousands of sick and injured people getting their lives back on track, with the number increasing every day. Carriers report up to a 35 percent increase in sick or injured people returning to work using EvolutionIQ with those returns happening on average 3.5 months sooner when compared to legacy processes. “EvolutionIQ with Majesco Claims solutions for the L&AH segment offers our customers and the industry a significant opportunity to transform the claims dynamics for disability and workers compensation,” said Adam Elster, CEO at Majesco. “This partnership aligns with our relentless innovation focus to deliver intelligent, cutting-edge solutions that help our customers manage claims efficiently, control costs to improve profitability, and deliver exceptional customer experiences. We are thrilled to be working with EvolutionIQ to deliver real business value to our customers.” Majesco Claims for L&AH and Majesco ClaimVantage Claims for L&H are industry recognized as market leading solutions by industry analysts, supporting some of the largest insurers and most demanding claims operations. Majesco solutions help insurers manage and resolve claims faster, exceed customer expectations, manage complex integrated disability and absence management and return to work, and ignite innovation that delivers frictionless and transparent claims experiences. While historically claims operations focused on costs and efficiencies, today insurers must take a holistic customer view including management of complex injury claims to help claimants return to work quicker and safer, creating a new customer experience that is a cornerstone of satisfaction, loyalty, and retention. About EvolutionIQ EvolutionIQ is the market leading Claims Guidance platform in Group and Individual Disability, Property & Casualty, and Workers’ Compensation lines of insurance. EvolutionIQ now counts the majority of the top 20 US Disability and Life carriers as clients. EvolutionIQ’s proprietary Artificial Intelligence uses the entire claim file contents, historical claims, and external data to guide claim handlers to their most productive task across the entire claim block, every day. The system combines real-time predictive accuracy, clear guidance, and explainable AI to ensure adoption and business impact. As a result, claims organizations spend their efforts on claims they can impact – and their claimants get better, more tailored service. Insurers choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process. For more information, visit www.evolutioniq.com and follow the company on LinkedIn. About Majesco Majesco is the partner P&C and L&A insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now. As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

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