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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 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.