The agreement introduces EvolutionIQ’s Claims Guidance seamlessly into Guidewire’s ClaimCenter, offering users a unified workflow and enhancing data transmission efficiency between systems.
Guidewire’s solution ecosystem stands out as the largest in the P&C industry, featuring 185 solution partners that provide over 215 integrations through the Guidewire Marketplace. These partners deliver software, technology, and data solutions, along with insurance support services within the Guidewire PartnerConnect. The primary goal is to drive business value and innovation for insurers by developing and offering integrations, extensions, apps, and other solutions designed to complement Guidewire products.
Guidewire partnership strategy
As part of the partnership, Guidewire has integrated EvolutionIQ into its ecosystem and made a strategic investment in the innovative Insurtech company. Guidewire’s investment underscores its commitment to supporting companies within the insurance ecosystem that bring innovative solutions to its clientele.
The integration of EvolutionIQ’s artificial intelligence (AI)-powered Claims Guidance into Guidewire’s platform looks set to transform claims processes for insurers. The AI actively monitors ongoing insurance claims, guiding frontline operators to cases that demand more attention, new actions, or intricate decision-making. This approach, say developers, enables claims handlers to make more accurate decisions, improve the overall claimant experience, and effectively manage claim durations, thereby reducing losses and expenses.
EvolutionIQ uses AI to drive accurate claims
EvolutionIQ introduced Claims Guidance in 2019, employing explainable AI to assist insurance claims professionals in identifying impactful claims. This approach aims to enhance the overall experience for claimants and improve outcomes for both carriers and customers.
EvolutionIQ currently serves the global markets of group disability, individual disability, and workers’ compensation. Currently, their AI-native products are used by 70% of the top 15 US disability carriers and are steadily gaining traction among workers’ compensation carriers.
“EvolutionIQ is delighted to partner with Guidewire and make it easier for our shared customers to leverage AI in the claims handling process,” said Tom Vykruta, co-Founder & CTO, EvolutionIQ. “This partnership represents an endorsement of Claims Guidance by a leading global insurance leader, with the scale and reputation to influence industry technology standards and trends now and in the future,” Vykruta further observed.
“We are excited to welcome EvolutionIQ as a new Solution partner and combine the power of Guidewire Cloud with the insight and efficiency of EvolutionIQ’s Claims Guidance,” said Roger Arnemann, General Manager & Senior Vice President, Analytics, Guidewire.
He added: “Just as we’re constantly evolving our own platform to anticipate customer needs, we seek partnerships that will help our customers transform their operations. Making EvolutionIQ part of the Guidewire ecosystem is part of that ongoing commitment.”
Author: Joanna England