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.
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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Workers Compensation, Risk Management
Businesswire | July 05, 2023
Inszone Insurance Services, a rapidly growing national provider of benefits, personal, and commercial lines insurance, announced today that they have acquired Nugen and Associates, an insurance brokerage based out of Rancho Cucamonga, CA. With this acquisition, Inszone Insurance Services expands its commercial insurance expertise, while providing enhanced services and support to existing and new clients in the Rancho Cucamonga area.
Known for its comprehensive insurance solutions for local contractors and businesses, Nugen and Associates has gained an excellent reputation in tailoring insurance products to meet specific client needs. This expert knowledge in commercial and contractor insurance enriches Inszone's service offering.
“Nugen and Associates have done a great job focusing on the commercial space, building strong relationships with their customers,” said Chris Walters, CEO of Inszone Insurance Services. “We look forward to expanding the reach and providing additional product offerings to said clients, giving them access to personal lines and benefits insurance solutions, all with the goal of providing customers a true one-stop-shop for all their insurance needs.”
Inszone Insurance Services will continue to provide exceptional insurance services while maintaining the same level of dedication to personalized service and professionalism that clients have come to expect. Current clients of Nugen and Associates can expect a seamless transition with the same high-quality service and support as before, now enhanced by the resources and capabilities of Inszone Insurance Services.
Inszone Insurance is expected to announce a number of important acquisitions in the upcoming months as it continues to build its national presence.
About Inszone Insurance Services
Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 40 locations across California, Arizona, Nevada, Utah, Colorado, Michigan, Missouri, Oregon, Texas, and Illinois, the company is looking to further expand throughout the United States.
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Core Insurance, Insurance Technology
PR Newswire | August 25, 2023
Careington Benefit Solutions, affiliate of Careington International Corporation, announces the expansion of its service offerings to now include customizable commercial lines for property and casualty insurance. Backed by more than 40 years of industry experience, Careington Benefit Solutions is a single-source solution for insurance, administrative and marketing solutions.
As a nationally licensed insurance agency and Third Party Administrator, Careington Benefit Solutions wanted to broaden its existing suite of insurance products to include business and commercial coverages including liability, business property, workers compensation, commercial automobile, cyber security and more. This new program is designed to provide businesses with a custom, industry-specific risk management solution. With a wide variety of carriers and products to choose from, Careington Benefit Solutions' High Performance Sales Unit consists of nationally licensed Life & Health and Property & Casualty agents that can help clients shop coverage options, get cost-free quotes and enroll in a commercial line insurance policy that is tailored to the specific needs of small employers.
"We are proud to expand our property and casualty coverage options to include commercial lines," said Chuck Misasi, Executive Vice President of Direct Marketing and Customer Engagement at Careington Benefit Solutions. "After successfully providing protection to individuals and their families with our personal lines coverage options, we recognized that we could bring the same white-glove approach to businesses to address their unique financial risks. With this new program, we're offering customized risk management solutions to businesses across a wide variety of industries."
Beyond commercial lines insurance, Careington Benefit Solutions offers a robust suite of insurance products, as well as 150+ money-saving health, wellness, lifestyle and virtual health products. Careington Benefit Solutions partners with industry-leading carriers nationwide to offer a range of innovative, competitive solutions. As a TPA, Careington Benefit Solutions is a single-source solution that expertly manages licensed enrollment, billing, claims processing, customer service, policy fulfillment, custom product development and more. Careington Benefit Solutions serves employers of any size or industry, carriers, Medicare Advantage companies, TPAs, associations, unions, affinity groups, municipalities, school districts, colleges and universities, dental support organizations and brokers and benefits consultants.
"Careington Benefit Solutions is dedicated to delivering competitive insurance product options and full-scale administrative services to our diverse clients nationally," said Careington Benefit Solutions Chief Executive Officer Stewart Sweda. "We are always looking to enhance our product and service offerings, and we are pleased to now be able to connect small employers with the coverage they need to protect their businesses against potential financial damages."
About Careington Benefit Solutions
Careington Benefit Solutions, an affiliate of Careington International Corporation, is a nationally licensed insurance agency and Third Party Administrator that provides a range of competitive insurance product options and comprehensive suite of administration services, including claims administration, individual and group billing, premium collection, enrollment, policy fulfillment, custom product manufacturing and more to support our many diverse clients, including large insurance companies. Our flexibility in the level of administrative support we provide allows us to customize any client solution as an a-la-carte scenario or a complete turnkey option as a single-source product, service and administrative solution. Careington Benefit Solutions includes a direct-to-consumer brand, QuoteSavant, created to help consumers navigate the complex process of buying insurance. Our licensed agents shop top plans and provide quotes to help individuals find coverage to fit their budgets. To learn more about QuoteSavant's personalized policy shopping process, visit www.quotesavant.com.
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