CorVel Launches New Workers’ Compensation and Liability Solution, Leveraging Artificial Intelligence and Predictive Analytics
CogencyIQ helps risk managers and claims professionals navigate increasingly complex claims and massive amounts of data to improve outcomes for injured workers
FORT WORTH, Texas, Dec. 07, 2021 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, has launched CogencyIQSM. Leveraging artificial intelligence and predictive analytics allows CorVel to provide actionable insights and solutions for risk managers and claims professionals.
CogencyIQ works seamlessly with CorVel’s integrated claims management technology, CareMC Edge®, to provide a comprehensive solution for customers with the tools needed to analyze large amounts of data and navigate complex claims. Using advanced predictive technology, it answers important questions such as: What story does the data tell? What actions should be taken?
CogencyIQ is CorVel’s response to answer these questions. It provides customized and scalable support including tailored reporting package; loss-run analysis; advanced analytics; comparative analysis against like industry, market and state trends; and program evaluation, assessment and cost-benefit analysis.
CogencyIQ encompasses three key pillars:
- Business Intelligence provides an interactive, visual interface to all segments and claims within the program.
- Insight Consulting identifies areas of opportunity based on data-driven analytics and provides recommendations to be implemented by the customer.
- Artificial Intelligence offers greater insight and tailored actions including litigation risk scoring for each claim.
“We are excited to deliver a new resource that allows our clients to see the big picture of the program, as well as the critical details that can change claim outcomes,” said Michael Combs, CorVel President and CEO. “Risk managers today are faced with a rapidly evolving landscape and vast amounts of data to sift through. At CorVel, we recognized these challenges as an opportunity to improve the process. CogencyIQ leverages cutting-edge technology to analyze the data, assess market information and trends, and respond with strategic, data-driven solutions. Additionally, we have expanded our analytics team, which includes data scientists, experts in machine learning and predictive analytics, and senior thought leaders, to ensure our customers receive the support and information they need to effectively manage their business.”
For more information about CogencyIQ, click here.
CorVel Corporation applies technology including artificial intelligence, machine learning and natural language processing to enhance the managing 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. For more information about CorVel, please visit: www.corvel.com.
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 continued investments in innovative technologies. 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, 2021 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2021, and September 30, 2021. 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.
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