AI comes with application management – ​​here's how to prepare your teams

If there has been one catchphrase for the past year, both professionally and socially, it has to be “productive AI”. According to KMPG's Generative AI survey, the results reveal that 77% of insurance executives believe that AI will have a greater impact on society over the next three to five years than any other technology. In addition, 84% of firms, including insurers, say investing in this new AI will give them a competitive advantage.

On the claims management side of things, AI has had an unprecedented impact – accelerating claims processes at lightning speed. Speaking to IB, Michael Combs (pictured), president and CEO of CorVel, said this increased efficiency has enabled adjusters to gather more valuable information about claims and help injured workers return to their jobs faster.

“With the use of technology, decision-making processes have evolved,” Combs said. “Generative AI has helped reduce what used to be days, weeks or months, closing the feedback loop and allowing our partners to look at historical data to understand what happened and, most importantly, what to do about it.”

'A large number creates difficulties'

CorVel management dashboards provide instant insights. This immediacy is important to stakeholders, enabling them to identify areas of opportunity and make timely decisions.

“Our real-time dashboards; you don't wait for the end of the month to collect information,” he said. “More information emerges quickly, it also compresses the time loop for feedback and allows decision-making to happen faster.”

Combs acknowledged, however, the challenges of managed care integration and the difficulties faced by clients working with multiple vendors.

“Another message that emerges is that while individual mergers are not without challenges, the multitude of them creates difficulties,” he said.

To reduce this burden, the company proposed a hub model, where CorVel acts as the main point of integration. This approach simplifies the integration process for clients, allowing them to focus on optimizing their programs.

'There are considerations to be made when using this technology'

And, looking ahead, Combs is optimistic about the role of technological innovation in the insurance industry. CorVel's strategy involves deploying a comprehensive technology platform to leverage developments from a variety of suppliers. This foundation is designed to be agile, responsive to both technological evolution and business needs.

“I expect we're going to see the pace of change increase,” Combs said. “We want a base that can use knowledge, use technological advances as they become available.”

Once again, it is AI that is poised to play a key role in this evolution, and Combs believes that we are only at the beginning of understanding its potential. However, he stressed the importance of deliberate and transparent use of technology.

“There are important considerations when using this technology – first and foremost is protecting data and ensuring that customer information is secure and that we are very serious about our use,” said Combs.

The future of productive AI within CorVel is not limited to current applications. Combs are seeing their expanded use in all sorts of jobs. The goal is to use technology to augment, not replace, the work of CorVel team members. By reducing time spent on repetitive tasks and increasing engagement with injured workers, CorVel aims to deliver positive results.

“I expect that there will be an expansion of business use in general, and that is in line with the way we at CorVel are looking at it,” he said. “[It’s about looking at] how we bring technology to enhance the work our team members do.”