EvolutionIQ Improves Experience For Principal Financial Group® Disability Customers

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Aug 15, 2023, 09:23 ET

EvolutionIQ's Claims Guidance delivers a better experience by measurably assisting the customer through each stage of their recovery journey
By guiding an expert to the right claim at the right time, claim examiners are free to spend more time helping each customer on their unique recovery path

NEW YORK, Aug. 15, 2023 /PRNewswire/ -- 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. For more information, visit www.evolutioniq.com and follow the company on LinkedIn.

Contact
Jason Kapler
Vice President of Marketing
EvolutionIQ
(917) 740-5608
[email protected]

SOURCE EvolutionIQ