EvolutionIQ, a claims guidance platform for insurance carriers, has raised $21m in Series A funding.
The round was led by Brewer Lane Ventures, with participation from all major seed investors, including FirstRound Capital, FirstMark Capital and Foundation Capital, and new participation from Altai Ventures and Asymmetric Capital Partners. Industry-leading strategic investors including Reliance Standard Life, New York Life Ventures, Guardian Life and Sedgwick, a leading global risk, benefits, and integrated solutions company also joined the round.
EvolutionIQ actively monitors every open claim to guide frontline operators to those that require more attention, new actions, or complex decision-making.
The company said insurance carriers and third party administrators using EvolutionIQ report increased claim capacity and lower claim cost. Those using the software for over a year saw loss ratio reductions of up to 3.3% and claim flow-through reductions of up to 45% directly attributable to EvolutionIQ.
The funding will largely be used to expand the engineering, data science, product, and customer success teams who are responsible for the company’s growth, including the development of new AI modules.
Michael Saltzman, EvolutionIQ’s chief operating office, said, “We build both the core AI technology and the delivery application that work together to seamlessly enable carrier claims staff to operate at maximum impact across the claims inventory. Our partners deliver a better, and lower cost insurance product to their policyholders because of the accuracy, speed and scale of a claims organization powered by EvolutionIQ.”
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