Enhance Workers’ Compensation Claims Outcomes with the New EvolutionIQ and Guidewire Cloud-Native Integration
Guidewire (NYSE: GWRE) and EvolutionIQ have announced the release of a new AI-powered integration, now available on Guidewire Marketplace for ClaimCenter users on Guidewire Cloud. This integration enhances workers' compensation claims processing by providing actionable AI-driven guidance. The EvolutionIQ Claims Guidance system analyzes both structured and unstructured claims data, offering insights to expedite claims resolution and improve outcomes. This integration aims to streamline decision-making, reduce costs, and enhance the user experience for claims handlers and injured workers. Additionally, the pre-built and standardized integration facilitates quick deployment and maintenance.
- The AI-driven integration offers actionable guidance on workers' compensation claims, improving resolution times and outcomes.
- The system analyzes comprehensive data, enhancing the precision of claims processing.
- The integration aims to reduce costs and expedite decision-making for claims handlers.
- Streamlined deployment and maintenance are facilitated through pre-built, standardized integration.
- None.
Insights
Integrating AI into workers' compensation claims is a significant
For investors, understanding the application of AI in this context is essential. AI-driven guidance can streamline processes, enhance decision-making efficiency and improve outcomes, making the overall claims management more robust and effective. The partnership with Guidewire, a leading insurance software provider, reinforces EvolutionIQ’s credibility and likely increases adoption rates among insurers.
This technological edge could translate to higher profit margins for insurers due to reduced claim costs and improved customer satisfaction. However, investors should watch for any challenges related to the integration process and potential data privacy concerns.
The integration between EvolutionIQ and Guidewire represents a strategic move in the insurance market, especially within workers' compensation. Guidewire’s established presence in the insurance software space provides EvolutionIQ with a robust platform for broader market penetration. The efficiency brought by AI-powered guidance could be a key differentiator for insurers looking to optimize claims handling, potentially driving more insurers to adopt this integrated solution.
Investors should consider the long-term market implications. A successful adoption can position both companies as leaders in insurtech innovation, strengthening their market share. Additionally, by reducing claim processing times and costs, insurers can allocate resources more effectively, possibly leading to better financial performance.
However, there could be initial resistance to change from claims professionals used to traditional methods. Monitoring adoption rates and feedback from early users will be important in assessing the overall impact.
EvolutionIQ provides workers compensation claims professionals with specific, artificial intelligence (AI) powered guidance to achieve better claims outcomes. EvolutionIQ’s Claims Guidance ingests and analyzes structured and unstructured claims data like medical reports and interview notes to produce deep insights. It surfaces the most actionable claims to make best use of adjuster and specialist capacity, while delivering dynamic suggestions for the most effective actions to progress a claim toward earlier return to work and/or resolution. The EvolutionIQ Built by Guidewire accelerator integrates EvolutionIQ’s Claims Guidance for Workers’ Compensation with Guidewire ClaimCenter.
With the EvolutionIQ Built by Guidewire integration, insurers can:
- Easily view and take action on EvolutionIQ’s Claims Guidance directly within their Activities and Workplan pages;
- Ensure that guidance remains up-to-date with a direct data connection between EvolutionIQ and Guidewire; and
- Accelerate claims handler decision making, reduce costs, and provide a better experience for injured workers.
Built by Guidewire integrations are pre-built and standardized by Guidewire to speed cloud delivery and maintenance. Leveraging the Integration Framework for Guidewire Cloud, developers can implement integrations between InsuranceSuite and third-party apps using multiple APIs, messaging systems, or protocols with ease.
“Workers’ Compensation claims professionals handle complex, evolving injury and diagnosis patterns. With our Claims Guidance technology, they can focus on the most timely, actionable claims to help injured workers recover and to more quickly return to work,” said Michael Saltzman, co-Chief Executive Officer, EvolutionIQ. “For Workers' Compensation Carriers committed to helping injured workers, the adoption of EvolutionIQ is now faster than ever with its efficient deployment through Guidewire's ClaimCenter.”
“We are excited to release our new Built by Guidewire integration with EvolutionIQ, following our strategic investment in 2023,” said Will Murphy, Vice President, Global Technology Alliances, Guidewire. “EvolutonIQ’s technology empowers claims professionals to drive the right actions on the most critical claims. The integration between EvolutionIQ and Guidewire brings AI-powered Claims Guidance to their fingertips in one screen, making it easy to realize impact.”
About EvolutionIQ
EvolutionIQ pioneered Claims Guidance in 2019. Its explainable AI guides insurance claims professionals to their highest potential impact claims, improving the claimant experience and delivering better claim outcomes to claimants, carriers and their customers. EvolutionIQ serves the group disability, individual disability and workers’ compensation markets worldwide. EvolutionIQ’s AI native products have been adopted by
About Guidewire PartnerConnect ecosystem and Built by Guidewire
Guidewire PartnerConnect is designed to help Property and Casualty (P&C) insurance companies revolutionize their operations by connecting them with the largest peer network in the industry. Built by Guidewire apps are standardized integration solutions pre-built and managed by Guidewire that speed the delivery and maintenance of common integrations. These integrations are kept current with the latest product and vendor releases, and leverage Guidewire's Integration Framework and latest third-party technologies, designed to fully align with Guidewire Cloud Standards. Where available, under an optional services agreement, Guidewire can provision, configure, parameterize, maintain, and perform annual upgrades of the integrations for customers.
Today, insurers can access over 260 integrations developed for the Guidewire Marketplace that have been validated for security, quality, and compatibility. The Guidewire Marketplace comprises an ecosystem of powerful yet user-friendly solutions that scale for improved customer experiences.
For more information, please visit the Guidewire Marketplace.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and machine learning to deliver our platform as a cloud service. More than 540 insurers in 40 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with more than 1,600 successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
For more information, please visit www.guidewire.com and follow us on X (formerly known as Twitter) and LinkedIn.
NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240710646680/en/
Melissa
Senior Public Relations Manager
Guidewire Software, Inc.
+1.650.464.1177
mcobb@guidewire.com
Jason Kapler
Vice President, Marketing
EvolutionIQ
917.536.4499
jason@evolutioniq.com
Source: Guidewire Software
FAQ
What is the new integration announced by Guidewire (GWRE) and EvolutionIQ?
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