Business Insurance Honors CorVel with Two Awards in 2024

Rhea-AI Summary

CorVel (NASDAQ: CRVL) has received two prestigious awards from Business Insurance in 2024. The company won the 2024 Innovation Award for its Generative AI solution in CareMC, which enhances claims management by automating objective tasks and increasing adjuster-injured worker interaction time. CorVel was also recognized alongside O'Reilly Automotive Inc. as the 'Claims Team of the Year' in the 2024 U.S. Insurance Awards for their collaborative Claims Closure Project.

Michael Combs, CorVel's President and CEO, emphasized the company's focus on advancing automation and delivering actionable insights to streamline the claims process. The awards, chosen by a panel of professional risk managers, highlight CorVel's commitment to innovation in risk management solutions and effective claims handling. The recognition ceremony took place in New York City on July 18, 2024, with winner profiles featured in Business Insurance's September 2024 issue.

FORT WORTH, Texas, Sept. 10, 2024 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, today announced that it has received two awards from Business Insurance in 2024. The Company was recognized for its innovation and advancements with generative AI and for its collaboration with O’Reilly Automotive Inc., a leading auto parts retailer.

The 2024 Innovation Award, an awards program that is in its 15th year, highlights unique advancements in products and services provided to professional risk managers. CorVel’s Generative AI solution for Care^MC was chosen as a 2024 winner because of its ability to leverage technology throughout the claims management process. The Company uses Generative AI to automate objective tasks and increase the amount of time adjusters spend interfacing directly with injured workers, ultimately improving outcomes.

“CorVel is honored to be recognized by Business Insurance as a leader in innovation for our claims management solution," said Michael Combs, CorVel President and CEO. "Generative AI is transforming the insurance industry, and we're focused on advancing automation, augmenting workflows, and delivering actionable insights that save time and money. These innovations empower our employees and partners to streamline the claims process, ultimately benefiting injured workers."

Additionally, CorVel and O’Reilly Automotive Inc. were recognized by Business Insurance as the “Claims Team of the Year” by the 2024 U.S. Insurance Awards. CorVel’s claims team worked with O'Reilly on a Claims Closure Project to identify claims for potential closure. During these reviews, the team created tailored settlement recommendations and leveraged CorVel’s Transitional Work Program to close selected claims efficiently.

“Working with CorVel has enabled O’Reilly to address team members’ claims effectively, which is our goal,” said Misty Merritt, team member injury claims manager at O’Reilly. “We’re pleased to be recognized as Claims Team of the Year.”

Both awards were chosen by a panel of judges consisting of professional risk managers who independently assessed each of the finalists. Business Insurance recognized winners during an awards ceremony in New York City on July 18, 2024, where members of CorVel gathered to celebrate the awards with fellow winners and industry leaders. Profiles of the winners are featured in the September 2024 issue of Business Insurance. 

For more information about CorVel Corporation, please visit www.corvel.com.

About CorVel
CorVel Corp. applies technology, including artificial intelligence, machine learning, and natural language processing, to enhance the management of episodes of care and 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 our partners and 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, 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 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, 2024, and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2024, September 30, 2023, and December 31, 2023. 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
www.corvel.com

FAQ

What awards did CorVel (CRVL) receive from Business Insurance in 2024?

CorVel (CRVL) received two awards from Business Insurance in 2024: the 2024 Innovation Award for its Generative AI solution in CareMC, and the 'Claims Team of the Year' award alongside O'Reilly Automotive Inc. in the 2024 U.S. Insurance Awards.

How does CorVel's (CRVL) Generative AI solution improve claims management?

CorVel's (CRVL) Generative AI solution improves claims management by automating objective tasks, increasing the time adjusters spend directly interacting with injured workers, and delivering actionable insights that save time and money in the claims process.

What was the Claims Closure Project between CorVel (CRVL) and O'Reilly Automotive?

The Claims Closure Project was a collaboration between CorVel (CRVL) and O'Reilly Automotive to identify claims for potential closure. The team created tailored settlement recommendations and used CorVel's Transitional Work Program to efficiently close selected claims.

When and where were the Business Insurance awards presented to CorVel (CRVL) in 2024?

The Business Insurance awards were presented to CorVel (CRVL) during an awards ceremony in New York City on July 18, 2024. The winners' profiles were also featured in the September 2024 issue of Business Insurance.