Lincoln Financial Group Expands Partnership to Support Customers as They Recover and Return to Work

Rhea-AI Summary

Lincoln Financial Group (NYSE:LNC) has expanded its partnership with EvolutionIQ to enhance its disability insurance claims process using human-in-the-loop AI technology. This development aims to improve disability claims management, offer better guidance to claimants, and streamline processes. The AI technology analyzes claims data, providing timely insights to claims professionals, assisting claimants in their return-to-work journeys. The partnership, which began in early 2023, has shown success with long-term disability claims and has now been extended to short-term disability claims. Lincoln's Group Protection claimants reported a 91% satisfaction rate in 2023.

Positive

• Lincoln Financial Group's partnership with EvolutionIQ has shown success in improving long-term disability claims processes.
• The company reported a 91% satisfaction rate among Group Protection claimants in 2023.
• The use of AI technology in claims management provides timely insights, leading to more accurate claim outcomes and better support for claimants.
• Expansion to short-term disability claims is expected to further enhance customer experience.

Negative

• The press release does not provide specific financial data or cost-related details about the new technology implementation.
• Potential risks associated with the reliance on AI technology for claims management are not discussed.

Claims specialists use new technology to provide claimants with better support and resources for recovery

RADNOR, Pa.--(BUSINESS WIRE)-- Lincoln Financial Group (NYSE:LNC) today announced the expansion of its efforts to enhance disability insurance claims processes with human-in-the-loop artificial intelligence (AI) technology, leading to better disability claims management analytics, improved claim guidance to assist claimants in their return-to-work journeys and streamlined processes to deliver more value to customers.

The enhanced process implemented by Lincoln uses AI to analyze claims data and extract critical insights. This analysis helps support more accurate claim outcomes by providing claims professionals with timely insights that help them better assist claimants in their return-to-work journeys.

“We are focused on investing in innovations and the latest capabilities to drive the best claim outcomes for our customers,” said Christen White, SVP, Lincoln Financial Group Protection Claims and Operations. “Partnering with a technology leader in this space is a part of that investment and has quickly advanced our ability to provide claimants with even better support and resources for their recovery and to return to work. Implementing this new technology helps our claims specialists efficiently focus on the right claims at the right time — all so that we can make the best determinations for our claimants.”

Lincoln’s Group Protection business began its partnership with EvolutionIQ in early 2023 with its long-term disability business. After seeing success, Lincoln expanded the partnership this year to help improve the claimant experience in short-term disability.

In 2023, Lincoln Financials’ GP claimants reported an average 91% satisfaction rate¹, and EvolutionIQ’s enhancements are expected to continue to improve this strong customer experience.

“We’re thrilled to be part of Lincoln Financial’s efforts to incorporate advanced technologies that help enhance claims teams efficiencies while facilitating even better care and support for their customers,” said Michael Saltzman, Co-Founder & Co-CEO of EvolutionIQ. “This collaboration enables Lincoln to extend its capabilities and deliver the cutting edge in claimant service to its many stakeholders.”

About Lincoln Financial Group

Lincoln Financial Group helps people to plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of March 31, 2024, the company had $310 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

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 70% of the top 15 U.S. disability carriers and a growing list of workers’ compensation carriers. The New York-based company employs 150 staff across the United States, Europe and Australia. For more information, visit evolutioniq.com and follow the company on LinkedIn.

¹ Lincoln Group Protection reporting data, February 2024

LCN-6623268-051424

View source version on businesswire.com: https://www.businesswire.com/news/home/20240521697881/en/

Lincoln Financial Group

Julianne Mattera

Julianne.Mattera@lfg.com

267-418-0346



Jason Kapler

Vice President of Marketing

EvolutionIQ

917-740-5608

Press@evolutioniq.com

Source: Lincoln Financial Group

FAQ

What is Lincoln Financial Group's stock symbol?

Lincoln Financial Group's stock symbol is LNC.

What recent partnership did Lincoln Financial Group expand?

Lincoln Financial Group expanded its partnership with EvolutionIQ to enhance disability insurance claims processes.

What technology is Lincoln Financial Group using to improve disability claims management?

Lincoln Financial Group is using human-in-the-loop AI technology to analyze claims data and provide better support and resources for claimants.

When did Lincoln Financial Group begin its partnership with EvolutionIQ?

Lincoln Financial Group began its partnership with EvolutionIQ in early 2023.

What satisfaction rate did Lincoln Financial Group's Group Protection claimants report in 2023?

In 2023, Lincoln Financial Group's Group Protection claimants reported a 91% satisfaction rate.