EvolutionIQ is a data-driven claim guidance platform for insurance providers. Its products combine structured and unstructured claim data with external third party data to provide powerful claim guidance, in an attempt to modernize the claims operations process.
The company's offering is certainly an attractive one for businesses handling large volumes of these claims - the solutions aim to help insurance providers detect and prevent fraud without impacting their productivity and customer experience. Historically, the insurance industry has had access to vast amounts of data without optimizing how they use it. EvolutionIQ's machine learning algorithms harness the learnings from every data point, allowing for much more well-informed, actionable insights.
Recently, the company was also acquired by CCC Intelligent Solutions. As part of this acquisition, the company will continue to operate as a standalone company and with a valuation of more than $200 million following a successful VC funding round, EvolutionIQ is focused on the further development of its product and international expansion as it hopes to capture a larger slice of this $10 billion market.
Freddie
Company Specialist at Welcome to the Jungle