Business Insurance Names CorVel’s CogencyIQ an Innovation of the Year

FORT WORTH, Texas, Aug. 09, 2022 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, has received a 2022 Innovation of the Year award from Business Insurance for CogencyIQ, a complete workers’ compensation and liability claims management service that uses cutting-edge analytics to produce a broad range of intelligent, actionable insights. This is the third consecutive year that CorVel has been recognized for its innovative products and services that support professional risk managers.

CogencyIQ combines artificial intelligence and predictive analytics with input from leading expert consultants to provide advanced business intelligence and insights for risk managers. It provides customized and scalable support including:

• Tailored reporting packages
• Loss-run analysis
• Advanced analytics
• Comparative analysis against industry, market and state trends
• Program evaluation, assessment and cost-benefit analysis
  

“We created CogencyIQ to address challenges associated with gleaning actionable information from the vast amount of data involved in risk management, and we are honored to be recognized for our efforts,” said Michael Combs, CorVel President and CEO. “The development of CogencyIQ is a true testament to our team’s hard work and dedication to delivering innovative tools, service and support to our partners. Our focus and early adoption of technology in workers’ compensation has made it possible for CorVel to improve overall outcomes.”

Business Insurance will recognize winners during an awards ceremony in New York City on September 14, 2022. Profiles of the winners will be featured in a special Innovation and Technology digital edition of Business Insurance as well as the September 2022 issue of Business Insurance. Click here to learn more about the 2022 Innovation Awards. 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 managing of episodes of care and the related health care costs. We partner with employers, third-party administrators, insurance companies and government agencies in managing worker’s 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 clients as well as 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, and 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, 2022, and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2022, and September 30, 2021 and December 31, 2021. 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