Tuesday September 13
Mitchell International Acquires ClaimIQMitchell International, Inc. has acquired San Francisco-based ClaimIQ, a provider of claims decision optimization and best practices applications for insurance carriers.
ClaimIQ will join the Mitchell organization as a business unit of Mitchell’s medical division. All products of both Mitchell and ClaimIQ will continue to be supported and expanded, and a new set of integrated products that combine the strengths of decision support, bill review, and collision estimating will be introduced.
“This acquisition makes strategic sense for both organizations,” said Jim Lindner, Chairman and CEO of Mitchell International. “Combining ClaimIQ’s expertise with Mitchell’s will enable our combined organization to deliver enhanced functionality requested by both companies’ customers in a single, integrated platform-creating a powerful base for future growth. In addition we will be able to provide our customers with a unique and rich set of business analytics coming from both first and third party medical claims, incorporated with auto physical damage claims.”
ClaimIQ’s sophisticated claims decision-optimization applications deliver automated best practices, predictive analysis, and real-time recommendations, enabling its customers, auto and general liability insurance companies, to drive claims processing efficiencies across their entire claims organization. In combination with the features and functions of:
Uniting all these capabilities on a single platform will, according to a Mitchell press release, enable adjusters to quickly and easily access the critical information needed to develop an effective negotiation strategy, driving the consistent application of best practices on all settlements.
In addition, Mitchell plans to integrate select ClaimIQ product functionality with certain Mitchell auto physical damage products.
Donald Light, Senior Analyst at Celent, commented, "This is an acquisition that makes sense for both companies. ClaimsIQ brings analytic capabilities to some high value parts of the automobile claims process. Mitchell brings its own strong portfolio of claims solutions and its extensive market presence. Both companies, and their customers, should benefit."
Senior vice-president and founder of Mitchell Medical, Tom McCarthy, will assume executive leadership of the ClaimIQ organization.
Remarking on the acquisition and the strategic opportunity it represents, McCarthy said, “Mitchell and ClaimIQ are ideal partners. The companies share a vision of an integrated medical claims processing, workflow, and management information solution the insurance market is demanding-our product portfolios are very complementary. ClaimIQ products will enable Mitchell Medical to reach beyond the medical component of claims into other areas of the claim adjustment continuum. Together, we can bring an excellent productivity tool to market faster and better than either organization could have realized separately. I am confident our customers will be thrilled with the enhancements we will be delivering.”
Former president and CEO of ClaimIQ, Tom Baird, will be joining the Mitchell organization as senior vice president, product management, marketing, and business development.
Baird commented, “This is great news for our customers, investors and employees. Mitchell is a recognized industry leader in automotive claims technologies and we are excited to be part of the Mitchell family.”
Mitchell International is a leading provider of information and workflow solutions to the automotive insurance claims industry, serving carriers, collision repair facilities, and other commercial participants in the physical damage and auto-related medical claims processes. Mitchell facilitates millions of electronic transactions among more than 16,000 business partners each month to enhance their productivity, profitability and customer satisfaction levels.
ClaimIQ is a leading provider of claims decision optimization applications, delivering automated best practices, predictive analysis and real-time recommendations. Auto and general liability insurance companies use the solutions to drive claims processing efficiencies, implement accurate investigation, negotiation and liability assessment, control risk and exceptions, and reduce costs and leakage for liability, injury, subrogation and fraud claims. ClaimIQ customers have experienced as much as a 50 percent reduction in claims processing leakage.
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