This Just In …

CorVel Corporation (NASDAQ: CRVL) of Fort Worth, Texas, has announced the integration of generative AI into its claims and care solution, launching the next generation in intelligent, efficient claims automation.

“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.

Benefits of AI claims technology 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, enabling faster claim closures — and 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.

In this issue:

This Just In … CorVel Corporation (NASDAQ: CRVL) of Fort Worth, Texas, has announced the integration of generative AI into its claims and care solution.

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