CCC Intelligent Solutions (CCC), a cloud platform provider for the P&C insurance industry and a subsidiary of CCC Intelligent Solutions Holdings (CCCS), has announced that it has signed a definitive agreement to acquire EvolutionIQ, an AI-powered claims management platform, for USD 730 million. The deal, combining approximately 40 percent in CCCS stock and 60 percent in cash, is expected to close in Q1 2025, subject to customary closing conditions.
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CCC Expands AI Capabilities
The acquisition, according to the official release, enhances CCC's suite of AI-powered SaaS solutions by integrating EvolutionIQ's capabilities in disability and injury claims management. EvolutionIQ specialises in Next Best Action recommendations and AI-powered medical summarization, enabling insurers to streamline claims resolution and improve outcomes for claimants.
"Disability and injury claims are a large and growing part of the insurance economy and have become increasingly complex to manage and resolve," said Githesh Ramamurthy, chairman and CEO of CCC. "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. 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."
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EvolutionIQ Claim Guidance platform
"EvolutionIQ's Claim Guidance platform uses AI to guide the Next Best Actions for insurance professionals so they can more effectively resolve injury claims in disability and workers' compensation. Its Medical Summarisation platform – which supports all life, accident, and casualty lines of insurance – offers Gen AI-powered intelligent summarisation capabilities to help insurers decipher mountains of medical documentation and identify insights that accelerate decisions and drive Next Best Actions, enhancing the expertise of the claims professionals who use it," the companies said in a joint statement this month.
EvolutionIQ, founded in 2019, has transformed claims management for US disability and workers' compensation insurers, helping claimants return to work more efficiently. The company's founders and team will join CCC, focusing on growth within core markets and expanding CCC's customer base.
This acquisition builds on the recently introduced CCC Intelligent Experience Cloud platform, which leverages an event-based architecture to enable new insights and AI-powered workflows for over 35,000 companies in the CCC network.
CCC will fund the transaction through cash reserves and a USD 225 million term loan. Additionally, its Board of Directors has approved a USD 300 million share repurchase program.
Added Ramamurthy, "Together, CCC and EvolutionIQ will help insurers leverage AI more broadly to deliver a profound improvement across injury claim resolution, spanning auto casualty, disability, workers' compensation, and general liability lines of insurance. This acquisition is an important step toward enabling our broader vision of making the claims and repair experience just work for our customers and theirs."
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CCC
CCC reports that more than 100 insurers and thousands of collision repairers use its computer vision, natural language processing, and other AI solutions to process tens of millions of auto claims and repairs. It also provides a comprehensive suite of SaaS solutions for managing auto casualty claims, with tens of billions of dollars in injury claims processed each year on its platform.
EvolutionIQ
According to the official release, EvolutionIQ has operationalised AI-powered claims guidance and intelligent summarisation, including Next Best Action recommendations, to drive claims excellence within disability and workers’ compensation carriers. Its platform combines industrial-grade AI with a scalable SaaS business model to decipher complex claims and provide actionable insights for claims professionals.
