We’re thrilled to announce the acquisition of EvolutionIQ, whose bold ambition has been to transform how insurers handle complex claims in disability and workers’ compensation. By combining AI-driven “Next Best Actions” for injury claims with generative AI medical summarization across life, accident, and casualty lines, EvolutionIQ arms examiners with clarity, speed, and cost efficiency—essentially granting them “superpowers” to sift through vast amounts of structured and unstructured data in real time. This has led to meaningful ROI for their customers, multi-year contracts with leading insurers, and trusted partnerships that we believe drive better outcomes for carriers, policyholders, and claimants alike.
From the outset, co-founders Jonathan Lewin, Michael Saltzman, and Tomas Vykruta recognized the potential of advanced machine learning to overhaul a traditionally manual, labor-intensive process. With time-series data now exceeding a billion data points, EvolutionIQ’s platform guides examiners to make more accurate and efficient decisions, reducing claim cycle times and enhancing the human expertise at the core of every case. The result is a new standard of performance in disability and workers’ compensation claims automation—now expanding into commercial liability and health insurance.
At ICONIQ Growth, we believe AI is a transformative force reshaping the business landscape, and we seek to partner with innovators that merge technology, data, and operational excellence to revolutionize entire industries. We think EvolutionIQ exemplifies these qualities: working to set a new standard for AI-powered insurance workflows, forging deep trust with top insurers, and continually expanding their vision for the future of the industry.
Their acquisition by CCC highlights a broader industry trend, where established industry leaders are recognizing the importance of bringing advanced AI and cutting edge solutions to their customers. It also underscores our belief in the importance of proprietary data as a cornerstone for software platforms to realize the full potential of AI. EvolutionIQ’s unique claims dataset offers the potential to unlock new capabilities for CCC, expanding their total addressable market and extending their leadership within the insurance software vertical.
We are immensely proud to have supported EvolutionIQ and their mission to reshape the insurance landscape. With this acquisition, EvolutionIQ and CCC enter an exciting new chapter—one that further validates EvolutionIQ’s category-defining impact and paves the way for even broader, AI-powered transformation in the industry. Congratulations to the entire EvolutionIQ team on this milestone! We look forward to watching your continued success and innovation in the years to come.
Published:
January 8, 2025