CogencyIQ, a cutting-edge risk management solution from CorVel Corporation, has recently been introduced. CorVel provides risk managers and claims professionals with actionable insights and solutions that are based on artificial intelligence (AI) and predictive analytics.
Michael Combs, CorVel President, and CEO said, “We are excited to deliver a new resource that allows our clients to see the big picture of the program, as well as the critical details that can change claim outcomes. Risk managers today are faced with a rapidly evolving landscape and vast amounts of data to sift through. At CorVel, we recognized these challenges as an opportunity to improve the process. CogencyIQ leverages cutting-edge technology to analyze the data, assess market information and trends, and respond with strategic, data-driven solutions. Additionally, we have expanded our analytics team, which includes data scientists, experts in machine learning and predictive analytics, and senior thought leaders, to ensure our customers receive the support and information they need to effectively manage their business.”
The integrated CogencyIQ and Care Edge technologies work seamlessly together. It offers customers a comprehensive solution that equips them with the tools for analyzing large amounts of data and navigating complex claims.
There are three key pillars of CogencyIQ:
- All segments and claims contained within the program can be viewed and interacted with using Business Intelligence.
- With data-driven analytics, Insight Consulting identifies opportunities and provides recommendations for the customer to implement.
- Artificial intelligence can offer greater insight and tailored actions, including litigation risk scores for each claim.
The answer to these questions is CogencyIQ, which can be found at www.corvel.com. This program provides a customized and scalable reporting package, loss-run analysis, advanced analytics, comparisons between industries, markets, and states, and program evaluation, assessment, and cost-benefit analyses.
