San Diego, Calif. - Mitchell International Inc., a provider of information and workflow solutions to the automotive insurance and collision repair industries, has acquired ClaimIQ, a leading San Francisco-based provider of claims decision optimization 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 claims decision-optimization applications are designed to deliver automated best practices, predictive analysis, and real-time recommendations to auto and general liability insurance companies.
In combination with the features and functions of Mitchell's Decision Point (for medical bill review and workflow), ClaimIQ's InjuryIQ (for evaluation of general damages), VerityIQ (for fraud scoring), LiabilityIQ (to determine comparative negligence), and SubroIQ (to assess the probability of recovering claims from third parties), enable the delivery of next-generation solutions, according to the companies.
Donald Light, senior analyst at Celent, commented, "This is an acquisition that makes sense for both companies. ClaimIQ 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. Former president and CEO of ClaimIQ, Tom Baird, will be joining the Mitchell organization as senior vice president, product management, marketing, and business development.
Source: Mitchell International
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