CCC Intelligent Solutions – a leading cloud platform provider powering the P&C insurance economy and a subsidiary of CCC Intelligent Solutions Holdings – announced that it has signed a definitive agreement to acquire EvolutionIQ – the leading platform for AI-powered guidance for disability and injury claims management. And the acquisition expands CCC’s market reach into strategic adjacencies.
The deal strengthens its industry-leading AI-powered SaaS platform through the addition of transformative AI capabilities that will work to revolutionize how insurance claims are resolved. Subject to the terms and conditions included in the definitive agreement, CCC is expected to buy EvolutionIQ for $730 million, to be paid for with a combination of approximately common stock and cash to be funded through cash on the balance sheet and an additional $225 million term loan. The deal is expected to close in Q1 2025, subject to customary closing conditions.
CCC is an industry AI leader with over 100 insurers and thousands of collision repairers leveraging its computer vision, natural language processing, and other AI solutions in processing tens of millions of auto claims and repairs. And CCC also offers a comprehensive suite of SaaS solutions for managing auto casualty claims, with tens of billions of dollars in injury claims processed yearly on the CCC platform.
EvolutionIQ has operationalized using AI-based claims guidance and intelligent summarization, including Next Best Action recommendations, to drive claims excellence within disability and workers’ compensation carriers. Its market-leading platform, which deciphers complexity and delivers actionable insights to claims professionals, uniquely combines industrial AI with a proven and scalable SaaS business model. Since its founding in 2019, EvolutionIQ has been providing a significant, measurable impact on claims performance to many of the largest insurers in the U.S. while helping insurers get hundreds of thousands of injured Americans back to work and their productive lives.
EvolutionIQ’s Claim Guidance platform utilizes AI to guide the Next Best Actions for insurance professionals so they can more effectively resolve injury claims in disability and workers’ compensation. EvolutionIQ’s Medical Summarization platform – which supports all life, accident, and casualty lines of insurance – offers Gen AI-powered intelligent summarization 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.
EvolutionIQ’s founders and team will become part of the broader CCC team as part of the deal, focusing on growing and expanding its core markets with support from CCC’s operational infrastructure and installed base. CCC will continue to advance its leadership position in the P&C insurance economy and related markets by deploying select EvolutionIQ capabilities across CCC’s customer base. And this deal 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 the 35,000+ companies in the CCC network. By advancing the shift to intelligent experiences, CCC and EvolutionIQ will unlock new levels of simultaneous customer, consumer, and employee value.
J.P. Morgan and Citi serve as financial advisers to CCC, and Kirkland & Ellis LLP serves as CCC’s legal advisor. Lowenstein Sandler LLP is serving as EvolutionIQ’s legal advisor.
KEY QUOTES:
“Disability and injury claims are a large and growing part of the insurance economy and have become increasingly complex to manage and resolve. 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.”
“We are incredibly impressed by the EvolutionIQ team, and are excited to work alongside them as we continue to transform how insurers resolve claims. 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.”
- Githesh Ramamurthy, chairman and CEO, CCC
“We are thrilled to enter this next phase of EvolutionIQ’s growth as part of the CCC team. Our unique team of world-class insurance experts, data scientists, engineers, and customer success professionals have built category-creating technology that’s delivered tremendous value to our carrier customers, their employer policyholders, and claimants, all because of the possibility to accelerate return to health.”
- Michael Saltzman, co-founder and co-CEO of EvolutionIQ
“CCC and EvolutionIQ share a common focus on customers and the need to bring solutions to market that empower more compassionate support of claimants managing their recovery. We are energized by the opportunity to continue this mission with CCC’s support so we can further accelerate and scale our offerings for disability and workers’ compensation insurers.”
- Jonathan Lewin, EvolutionIQ co-founder and co-CEO
“It is extremely rewarding to see our vision for empowering insurers in their pursuit of claims excellence at scale reach new heights.”
- Tomas Vykruta, co-founder and president, EvolutionIQ
