Cloud platform provider for the property and casualty (P&C) insurance economy business, CCC Intelligent Solutions (a subsidiary of CCC Intelligent Solutions Holdings), has acquired EvolutionIQ, a platform for AI-powered guidance for disability and injury claims management, for $730 million. 

The aim of the acquisition is to expand CCC’s market reach into strategic adjacencies and strengthen its AI-powered SaaS platform via the addition of transformative AI capabilities that the company said will revolutionize how insurance claims are resolved.

EvolutionIQ's market platform, which decodes complexity and delivers actionable insights to claims professionals, combines industrial AI with a scalable SaaS business model. 

Additionally, EvolutionIQ’s claim guidance platform uses AI to lead the next best actions for insurance professionals so they can more efficiently resolve injury claims in disability and workers’ compensation. 

EvolutionIQ’s medical summarization platform supports all life, accident and casualty lines of insurance.

It also offers genAI-powered intelligent summarization capabilities to help insurers decipher a large amount of medical documentation and pinpoint insights that speeds up decisions and drive next best actions. 

"Disability and injury claims are a large and growing part of the insurance economy and have become increasingly complex to manage and resolve," Githesh Ramamurthy, chairman and CEO of CCC, said in a statement.  

"Acquiring EvolutionIQ adds proven, AI-powered injury claims resolution capabilities to our existing auto casualty product suite and accelerates CCC’s strategy of leveraging real-world AI to solve complexity across the broader insurance ecosystem."

Ramamurthy added, "We expect EvolutionIQ’s Next Best Action capabilities and CCC’s connected network and event-based architecture to deliver a transformational leap forward for insurers and their ability to deeply integrate AI into their existing workflows, a critical step in unlocking the power and promise of AI for their business and their claimants’ experience."

THE LARGER TREND

In October, EvolutionIQ announced the expansion of MedHub to all life, health, accident and casualty lines of insurance. MedHub is a medical summarization solution that transforms medical data into a competitive advantage by engaging claims professionals with holistic, tactical insights.

In September, EvolutionIQ signed on as the Council of Australian Life Insurers (CALI's) first Life Partner as part of its corporate partner program. The CALI Partner Program is designed to foster collaboration and create a connected ecosystem of industry experts.

In 2023, Guidewire Software partnered with EvolutionIQ to integrate its suite of software and data services with EvolutionIQ’s AI-powered Claims Guidance platform. The partnership combines market-leading technologies from both organizations to help mission-driven insurers transform their claims processes, which in turn helps sick and injured claimants recover and return to work faster, while reducing claim losses and expenses.