2022 Innovation Awards: CogencyIQPosted On: Sep. 1, 2022 12:00 AM CST
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 claims management service that uses artificial intelligence and predictive analytics to examine data and gain insights in order 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 the data and be able to manipulate the data,” said Jeff Gurtcheff, Atlanta-based vice president of enterprise comp services at CorVel. “It’s what we call strategic insight managers, within the CogencyIQ group, that act as consultants for our customers.”
The program spans the spectrum of the company’s coverage lines, but the heaviest area of concentration is in workers compensation, he said. It also supports liability claims and clients that manage their own customers.
CogencyIQ helps customers that have “information coming at them from many directions at light speed,” Mr. Gurtcheff said. “It’s difficult for them to decipher what it all means for their program.”
One customer it helped was concerned about billing practices of a specific provider group, said Trevor Gill, Irvine, California-based vice president of finance at CorVel.
“In the workers comp sector, the most cautious reaction is to turn events into psychologically based events. So, it’s no longer physical, it’s now mental,” he explained.
In investigating the customer’s concerns, the CogencyIQ group found that the physician group was more likely to default an injury claim to a psychological claim, “which is nearly impossible to bring to a positive resolution, because, if the issue is in the injured person’s mind, it’s not physically something we can impact,” he said.
“It also takes away a lot of options from the carrier or the 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’s to bring the claim to the best resolution possible for the injured worker, the employer and the carrier so we can move forward with a resolution.”
Customers using Cogency IQ tools also see lower litigation rates and better outcomes, Mr. Gurtcheff said. “We’ve been able to objectively show that it reduces litigation rates because of the advocacy we take in the early stages of claims,” he said.