Listen to this articleBelow is our recent interview with Tomas Vykruta, CEO & Co-Founder at EvolutionIQ:
Q: Could you provide our readers with a brief introduction to your company?
A: EvolutionIQ is transforming the 1.3 trillion dollar insurance industry with an artificial intelligence platform that acts as a copilot for insurance carriers. I spent nearly 10 years at Google working in big data AI problems before starting EvolutionIQ.
Bodily injury claims are incredibly complicated, it’s a classic big data problem. There are too many claims, too many complex decision points, and it’s impossible for human adjustors to do a good job on their own. It took a team of ex-Google PHD data scientists to develop a platform that can reason at the level of a human doctor. With this guidance partnership, the adjusters are always working on the most important claim and taking the most important action. It’s not just a platform, it’s a new methodology for operating a claims organization.
Our mission is to achieve the best outcome for the carrier, the claimant, and the client, ultimately making insurance more affordable for everyone. Our focus is in disability, casualty and workers’ comp.
Q: Can you give us more insights into your offering?
A: We built the platform’s front end to be absolutely beautiful, modern, interactive and intuitive and the examiners love working in it. Over the past 2 years, our AI team has developed a medical claims explanations engine that describes to the examiner not only what action to take, but why that action is being recommended. This is the future of AI working with humans, and it’s all driven under the hood by deep recurrent neural nets and a first of its kind medical claims encoder.
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Q: What can we expect from your company in the next 6 months? What are your plans?
A: The 4 modules we’ve launched to carriers have been so successful, they are asking us to extend our platform and build more. Our roadmap for 2022 includes many new modules.
We’re going to triple our staff in 2022 to almost 100, with the biggest growth happening in engineering. This will enable us to accelerate the industry’s transformation to the new operating model for claims management while simultaneously increasing our bandwidth for R&D.
Q: What is the best thing about your company that people might not know about?
A: The insurance industry has one of the largest, most meaningful, and untapped complex datasets in the world. EvolutionIQ is one of the first companies to use rich medical datasets with complex time series to provide decision intelligence on bodily injury claims. We have succeeded in doing this because we have one of the most impressive and broad teams in the industry, coming from places like Facebook, Google, Palantir and Flatiron. This allows us to be extremely innovative. The problem we’re solving is really challenging, and as a result we’ve been able to nurture a culture that attracts people who want to be first. We are not iterating on something that already exists,we are building the next generation of AI-powered enterprise software from the ground up.
