CorVel Corp. says it designed Cogency IQ to help clients strengthen their existing claims programs and prepare them for the future.
CogencyIQ is a liability management service that uses artificial intelligence and predictive analytics to examine data and gain insights to develop solutions for risk managers and claims professionals.
“When we talk about CogencyIQ, it’s about business intelligence – the tools that can be created visually to help our customers see data and be able to manipulate data,” said Jeff Gurtcheff, Atlanta-based vice president of enterprise companion services at CorVel. “It’s what we call strategic insight managers, within the CogencyIQ group, who act as consultants to our clients.”;
The program spans the spectrum of the company’s coverage lines, but the heaviest area of concentration is workers’ compensation, he said. It also supports liability claims and clients managing their own clients.
CogencyIQ helps customers who have “information coming at them from many directions at the speed of light,” Mr. Gurtchef. “It’s hard for them to decipher what that means for their program.”
One customer it helped was concerned about billing practices for a specific supplier group, said Trevor Gill, Irvine, Calif.-based chief financial officer at CorVel.
“In the labor industry, the most cautious response is to turn events into psychologically based events. So it’s no longer physical, it’s now mental,” he explained.
When investigating customer concerns, the CogencyIQ group found that the medical team was more likely to frame an injury claim as a psychological claim, “which is almost impossible to get a positive resolution because if the problem is in the injured person’s mind, it is not something physical we can influence,” he said.
“It also removes a lot of options from the carrier or employer to get the person back to the best health they can be in.”
Mr. Gurtcheff added, “The goal is not for us to deny or injure the claimant, it is to get the claim to the best possible resolution for the injured worker, the employer and the carrier so that we can move forward with a settlement.”
Clients using Cogency IQ tools also see lower litigation and better outcomes, Mr. Gurtchef. “We’ve been able to objectively show that it reduces litigation because of the advocacy we do in the early stages of claims,” he said.