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.