EvolutionIQ Raises $21M Series A
“Processing claims at scale presents a challenge for insurers, particularly where the claims entail factors like complex underlying health conditions. According to data from the National Association of Insurance Commissioners, the second-most common complaint that insurance customers made in 2021 was claim delays, ranked only after unsatisfactory settlement offers.
The pandemic placed an additional strain on insurers, with an RGA survey finding that claims acceptance rates for permanent disability, critical illness and long-term care have been minimal over the past two years. Even with reduced claims requirements, the average end-to-end time for claims rose from 34 days pre-pandemic to 43 days.
A growing cohort of startups, including Alan, Tractable and Snapsheet, offers tools to help customers navigate the insurance claims process. But former Google AI tech leader Tomas Vykruta is taking a different tack with EvolutionIQ, which works with insurers to analyze claimant data and third-party information to identify “high-opportunity” claims — specifically those involving bodily injury.
EvolutionIQ today announced that it raised $21 million in a Series A round led by Brewer Lane Ventures with participation from FirstRound Capital, FirstMark Capital, Foundation Capital, Altai Ventures, Asymmetric Ventures and insurance carriers Reliance Standard Life, New York Life Ventures, Guardian Life and Sedgwick. It brings the company’s total capital raised to $26.1 million at a “north of” $150 million valuation, following small seed and venture rounds in 2019 and 2020.
“EvolutionIQ assists insurance professionals in improving claims handling through insights uncovered by analyzing historical claims data,” Vykruta told TechCrunch via email. “With our decision intelligence platform, claims teams can recoup lost time and streamline processes. Our software allows front line operators to make more informed decisions and focus their energy on high-potential claims. For managers, we’re able to identify claims blocks that need further investigation and those that are easily resolved — and then provide guidance to make it happen.”