CorVel Announces First Generative AI Initiative to Transform Claims and Case Management
Expanded Capabilities in CorVel’s Industry-Leading Technology Will Reduce Costs, Minimize Liability, and Enhance Holistic Care and Claims Oversight.
FORT WORTH, Texas, May 01, 2023 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) today announced the integration of generative AI into its claims and care solution, launching the next generation in intelligent, efficient claims automation.
With a proven track record for its innovative use of technology, integrated data streams, and person-centered care, the Company is driving to set the industry standard by offering the advantages of generative AI through its award-winning CareMC claims platform. This technology, the latest iteration of CorVel's CogencyIQSM service offerings, will introduce new capabilities to improve efficiencies throughout the claims management process. Leveraging generative AI to automate objective tasks will increase the amount of time adjusters spend interfacing directly with injured workers, which will, ultimately, improve outcomes. At the same time, customers will continue to benefit from CorVel's existing risk management tools which leverage artificial intelligence and predictive analytics to provide insights such as claim and clinical risk scores, litigation avoidance, and severity modeling.
“Generative AI will revolutionize claims administration in the next several years, transforming how insurance companies, third-party administrators, and medical management firms manage claims processing,” said Michael Combs, President and CEO of CorVel. “With these capabilities, we will reach new standards of efficiency, results, and lower costs of risk.”
Generative AI is a subset of artificial intelligence techniques that involve the creation of new content or data using machine learning models. While discriminative AI identifies and classifies existing patterns in data, generative AI creates new patterns and content. Implementation of generative AI functionality for Risk Management will use proprietary, fully segmented data sets.
As CorVel continues to integrate its services with generative AI technologies, benefits will include:
- Automated tasks to reduce the need for human intervention and speed up the claims processing cycle. For instance, generative AI can summarize medical documents, extract keywords, answer specific questions, and bring overlooked items to the attention of adjusters or nurses.
- AI technologies can learn from past claims and generate new information that matches established patterns, thereby reducing the workload of claims administrators and enabling faster claim closures. Additionally, analyzing claim data can help identify potential fraud cases by detecting patterns and anomalies.
- AI-powered chatbots can enhance customer service and engagement by answering queries and providing support throughout the claims process. For example, they can offer a claim overview, explain benefits, and provide status updates using natural language processing.
- AI can help increase the retention of valued employees by making their work more meaningful and person-centered, boosting job satisfaction and engagement.
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About CorVel
CorVel Corp. applies technology, including artificial intelligence, machine learning, and natural language processing, to enhance the management of episodes of care and the related health care costs. We partner with employers, third-party administrators, insurance companies, and government agencies in managing workers’ compensation and health, auto, and liability services. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel's customized services, delivered locally, are backed by a national team to support clients as well as their customers and patients.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Company’s claims management and managed care services and the Company’s continued investment in these and other innovative technologies, and statements relating to the Company’s workers’ comp service offerings. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.
The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2022 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2022, September 30, 2022 and December 31, 2022. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
| Contact: Melissa Storan |
| Phone: 949-851-1473 |
