Machine Learning

CorVel announces First Generative AI Module

New Capabilities to Interpret Content Will Improve Speed and Accuracy of Evaluating Medical Records

CorVel Corporation (NASDAQ: CRVL) today announced the release of its initial Generative AI module. A new addition to CorVel’s CogencyIQ® service offerings, the module will leverage machine learning to interpret medical records for adjusters and prompt immediate actions.

Interpreting medical data and determining the next steps in managing a case is critical and time-consuming for adjusters. CorVel’s generative AI model will now read and summarize this often-complex information, provide the summary to the adjusters, and propose actions to be taken. Simultaneously, the extraction of unstructured data from the reports will be highlighted for the claims staff to quickly and efficiently update claim fields in CareMC and ensure the key stakeholders are notified. This innovative solution significantly reduces the adjuster’s time commitment to objective tasks and allows them more time to interface directly with injured workers, be more strategic, and ultimately improve outcomes.

The generative AI module is the latest addition to CorVel’s award-winning CareMC claims platform integrated technology system, which delivers a holistic view of all data on a claim and automates routine processes for speed and efficiency.

“Our approach to Generative AI is marked by intentionality, fostering collaborative efforts with our team and partners. Our unwavering commitment lies in leveraging technology to elevate the efforts of our professional staff and improve the outcomes delivered. We also see generative AI as an efficient approach to mitigate labor-related challenges by offering guidance to upcoming generations of professionals,” said Michael Combs, President and CEO, of CorVel.

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