Over the past year, the term “generative AI” has emerged as a dominant force in both professional and societal contexts. According to KPMG’s Generative AI Survey, a striking 77% of insurance executives anticipate that AI will have a more profound societal impact in the next three to five years than any other technology. Additionally, 84% of firms, including those in the insurance sector, view investment in this advanced AI as a crucial factor for gaining a competitive edge.
In the realm of claims management, generative AI is effecting transformative changes, dramatically accelerating claim processing speeds. Michael Combs, President and CEO of CorVel, highlighted how this technological advancement has significantly improved efficiency. Combs explained that AI has facilitated the collection of critical claim information and expedited the return of injured workers to their jobs.
“With the advent of technology, our decision-making processes have undergone a significant evolution,” Combs stated. “Generative AI has minimized previously lengthy delays—whether days, weeks, or months—by compressing feedback loops. This allows our partners to analyze historical data effectively, understanding past events and determining the best course of action.”
CorVel’s management dashboards are central to this efficiency, offering real-time insights that empower stakeholders to identify opportunities and make swift decisions. Combs emphasized the importance of these instant updates: “Our dashboards provide immediate access to information, eliminating the need to wait for end-of-month reports. This real-time data further compresses feedback loops, enabling prompt decision-making.”
Despite these advancements, Combs acknowledged the challenges associated with managing multiple vendor integrations. “The volume of integrations, though individually manageable, creates complexity,” he noted. To address this, CorVel has introduced a hub model, positioning itself as the central integration point. This approach simplifies the process for clients and helps them focus on optimizing their programs.
Looking ahead, Combs is optimistic about the ongoing role of technological innovation in the insurance sector. CorVel’s strategy includes developing a versatile technology platform capable of adapting to advancements from various providers. “We anticipate an accelerated pace of change,” Combs said. “Our goal is to build a foundation that harnesses technological advancements as they emerge.”
Generative AI is expected to play a pivotal role in this future. Combs believes that the potential of AI is just beginning to be realized. However, he also underscored the need for careful and transparent use of technology. “Proper use of this technology requires careful consideration, particularly regarding data protection and ensuring that customer information is securely managed,” Combs said.
CorVel’s vision for generative AI extends beyond current applications. Combs envisions expanding AI’s role across various operations, aiming to enhance rather than replace the work of CorVel’s team members. By reducing time spent on repetitive tasks and increasing interaction with injured workers, CorVel seeks to optimize outcomes.
“I foresee an expanded application of AI in business overall,” Combs concluded. “[Our focus is on] leveraging technology to elevate the work of our team members and drive optimal results.”
