Business Insurance Honors CorVel with Two Awards in 2024
September 10 2024 - 7:15AM
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 CareMC 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 CorVelCorVel 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 1995All 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 StoranPhone: 949-851-1473www.corvel.com
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