CorVel Launches New Workers’ Compensation and Liability Solution, Leveraging Artificial Intelligence and Predictive Analytics
CorVel Corporation, a national provider of risk management solutions, has launched CogencyIQ. 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, Care 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.
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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.”
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