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Predictive analytics is a term used to describe the use of statistics and modeling techniques to make predictions about future outcomes. An essential component of predictive analytics is machine learning. In healthcare, predictive analytics has been used to learn about the characteristics of diseases, how it affects individuals, and spread within communities. In workers’ comp, predictive analytics can provide valuable insight into various parts of the claim process, from measuring claim severities to measuring a TPA’s overall performance. Though machine learning in predictive analytics continues to evolve, it is impacting the way claims management professionals identify and leverage data trends today.

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Recently, CorVel sponsored a survey of risk and claims management professionals to better understand their current use of data and their level of interest in advanced data analytics. 93% of respondents agreed dynamic claim practices developed via machine learning were the wave of the future; however, nearly half reported that they do not currently use predictive analytics. Moreover, survey results found that 66% of respondents receive limited to no strategic consulting.

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Leveraging predictive analytics is an area of opportunity for the risk management industry. However, many risk management professionals lack the resources and capabilities essential to gather and analyze data effectively. In anticipation of these needs, CorVel has developed CogencyIQ, a complete data analytics solution now available to clients. We have proactively expanded our analytics team to include data scientists, machine learning and predictive analytics experts, and senior thought leaders with top-level solutions expertise and deep market knowledge. By advancing cutting-edge analytics in workers’ compensation and liability claims management, CorVel’s CogencyIQ offers claims professionals insight consulting and even greater data analysis, recommendations, and control of risk. 

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To read the full .compInsights report of our findings on data analytics in the industry, click here. For more information on CogencyIQ, click here.

"}}}],"date":"November 17, 2021"}},{"widgetName":"articleSlideshow","context":{"theme":"blue","header":{"type":"rich","value":"Related Articles"},"items":[{"header":{"type":"rich","value":"Advancing Healthcare with AI"},"summary":{"type":"plain","value":"Continued development in artificial intelligence (AI) has given rise to innovations that help healthcare professionals diagnose disease and improve the efficiency of traditional medical management processes. \nWith the ability to more rapidly collect and analyze patient data, AI has transformed the traditionally manual process of managing medical information. Not only does this increase efficiency "},"image":{"alt":{"type":"plain","value":null},"quality":60,"url":"/media/5584/advancing-healthcare-with-ai-header2.jpg?anchor=center&mode=crop&width=360&heightratio=0.4333333333333333333333333333&format=jpg&quality=60&slimmage=true&rnd=132603874510000000","width":1160,"height":519,"focalPoint":{"left":0.5,"top":0.5}},"link":{"kind":null,"label":{"type":"plain","value":"Advancing Healthcare with AI"},"title":{"type":"plain","value":"Advancing Healthcare with AI"},"target":null,"url":"/blog/advancing-healthcare-with-ai","annotation":null,"content":null}},{"header":{"type":"rich","value":"Leading Innovation in Virtual Care"},"summary":{"type":"plain","value":"At Business Insurance’s annual Innovation Awards, CorVel received an award for our Virtual Care Services. The awards program, now in its 11th year, recognizes leadership, inventiveness, and ingenuity in products and services designed for risk management professionals. \nAs a leader in the industry, we were the first to offer Advocacy 24/7 services as an integral part of patient intake. Today, we of"},"image":{"alt":{"type":"plain","value":null},"quality":60,"url":"/media/5456/virtual-care-award-blog-header.jpg?anchor=center&mode=crop&width=360&heightratio=0.4333333333333333333333333333&format=jpg&quality=60&slimmage=true&rnd=132459758780000000","width":1160,"height":518,"focalPoint":{"left":0.5,"top":0.5}},"link":{"kind":null,"label":{"type":"plain","value":"Leading Innovation in Virtual Care"},"title":{"type":"plain","value":"Leading Innovation in Virtual Care"},"target":null,"url":"/blog/leading-innovation-in-virtual-care","annotation":null,"content":null}},{"header":{"type":"rich","value":"A Great Place for Opportunity"},"summary":{"type":"plain","value":"By: Scott Hayden, Senior Vice President\nAt CorVel, we describe our company values by the acronym ACE-IT (Accountability, Commitment, Excellence, Integrity, Teamwork). These core values are supported throughout our organization and have allowed us to build a strong, diverse team of talented individuals. With these values at the forefront of how we conduct business, individuals trust that there are "},"image":{"alt":{"type":"plain","value":null},"quality":60,"url":"/media/5717/great-place-for-opportunity-blog-header-v1.jpg?anchor=center&mode=crop&width=360&heightratio=0.4333333333333333333333333333&format=jpg&quality=60&slimmage=true&rnd=132775072310000000","width":7216,"height":3303,"focalPoint":{"left":0.5,"top":0.5}},"link":{"kind":null,"label":{"type":"plain","value":"A Great Place for Opportunity"},"title":{"type":"plain","value":"A Great Place for Opportunity"},"target":null,"url":"/blog/a-great-place-for-opportunity","annotation":null,"content":null}}]}}]}};