Life Insurance, Health Insurance
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.
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.
Intellectual Property, Insurance Technology
PR Newswire | September 01, 2023
ISU Insurance Agency Network (ISU IAN) announces the launch of the proprietary ISU Quote&Bind Platform. The platform is the result of a collaboration between ISU Digital Partnerships, ISU preferred carriers, and CoverForce, an InsurTech API platform facilitating the insurance distribution process, to maximize the ease of doing business. The ISU Quote&Bind Platform works directly with ISU preferred carriers' APIs to simplify and streamline the production workflow, allowing ISU Members to access multiple quotes at once and bind policies in one click. The exclusive member benefit aims to reduce the cost of doing business for ISU preferred carriers, ISU members, and the members' prospects and clients through increased efficiency, speed, and transparency.
"The partnership between ISU and CoverForce is opening the door to the future of the insurance industry," says CEO TJ Ryan III. "Providing this cutting-edge technology to our members to increase the ease of doing business shows our investment and commitment to the independent insurance agent. ISU Quote&Bind eliminates the headaches of regional insurance coverage capacity, new market development, and at least half of the cost associated with producer management when used as business-to-consumer direct sales platform, which facilitates a national reach in the chosen vertical market."
ISU preferred carriers presently binding commercial policies from all 420 ISU IAN Members locations include AmTrust, Chubb, CNA, Employers, Great American, Liberty Mutual, Nationwide and Travelers. ISU plans to add more preferred carriers and expand lines of business on the platform throughout 2023 and 2024. ISU is the first organization in the country to quote and bind Great American's business owner's policy digitally. Members will also be the first group to access the latest digital products from the leading commercial carriers in America.
"We are excited to partner with ISU IAN to enable ISU members to digitally connect with their preferred carriers to maximize placement profitability and expand their books of business," says CoverForce CEO Cyrus Karai. "This partnership embodies our mission to strengthen the independent agent with digital capabilities."
Every ISU Member Coast to Coast™ is now taking advantage of the ISU Quote&Bind platform's convenience and speed to access preferred carriers and products, assure data security, usage control, and preferred compensation and coverage terms. In addition to quick and accurate access to bindable products, the ISU Quote&Bind platform incorporates the ISU Commercial Lines Placement Advisor©, a proprietary system delivering the most up to date carrier appetite guide on the market driven by industry classification, state, and line of business.
About ISU Insurance Agency Network
Founded in 1978, the mission of the ISU Insurance Agency Network (ISU IAN) is to help the independent insurance agent thrive. ISU is the largest independently owned and operated independent insurance agency network representing approximately $8 billion in written P&C premiums across 240+ members in 41 states. All ISU Members receive the best-in-class insurance solutions while leveraging the business benefits that come with being part of a large national organization to complement their local presence and independence. Visit www.joinisu.com for more information.
CoverForce is the first core insurtech API platform working to bridge the gap between insurance distributors and their preferred P&C carrier partners. CoverForce was founded in 2020 at the University of Pennsylvania's Innovation Lab, in conjunction with insurance industry veterans from Travelers and The Hartford, and experienced software engineers from Amazon and Google. Investors include NYCA Partners (www.nyca.com), and QED Investors (www.qedinvestors.com). For more information, visit www.coverforce.com.
Health Insurance, Insurance Technology
PRnewswire | July 26, 2023
Enhance Health, a digital health insurance brokerage and care navigation platform, is excited to announce the acquisition of JET Health Solutions, a premier Enhanced Direct Enrollment (EDE) platform. The acquisition reinforces Enhance Health's commitment to serving its members and scaling its operations effectively through technology.
"We are thrilled to announce the acquisition of JET Health Solutions," said Matthew Herman, CEO and President of Enhance Health. "Since Enhance's founding, we've been committed to leveraging technology in new ways to simplify the enrollment process. JET's advanced EDE platform improves our already best-in-class member and agent experience."
With hundreds of thousands of members enrolled in Affordable Care Act (ACA) plans as well as Medicare Advantage plans, Enhance Health has established itself as a trusted partner in the healthcare industry. The acquisition of JET empowers Enhance Health to fully own the enrollment process, enhancing its capabilities and expanding its services with one of the few CMS-certified Phase 3 EDEs available in the market.
"Joining forces with Enhance Health is an exciting opportunity to drive meaningful change in the healthcare industry," said Asad Shamim, Founder and Managing Partner of JET Health Solutions. "Together, we are well-positioned to revolutionize the enrollment process and improve healthcare access for individuals and families across the nation."
Since its establishment in 2008, JET Health has equipped healthcare payers and providers with cutting-edge tools to excel in the ever-evolving healthcare marketplace.
"Integrating an EDE into our technology stack solidifies Enhance as the leader in the digital health insurance space," said Jeff Tang, CIO of Enhance Health. "Fully integrated with our CRM and other agent systems, this platform will fundamentally change the way we interact with our members through streamlined agent workflows, actionable data, and enhanced data security."
About Enhance Health
Founded in 2021 by industry veteran Matt Herman and backed by Bain Capital Insurance, Enhance Health has experienced rapid growth due to the record number of Americans enrolling in ACA health plans in 2022. Enhance Health has grown its membership base to hundreds of thousands, and is rapidly expanding into other insurance business lines.