This interview is part of our new AI in Insurance series, where we interview the world's top thought leaders on the front lines of the intersections between AI and insurance.
In this interview, we speak with Matt Schreiber, Chief Revenue Officer at ChronWell, to understand how his company is using AI to transform insurance, and what the future of the insurance industry holds.
1. What’s the story behind ChronWell? Why and how did you begin?
MS: Our founders are healthcare IT veterans who recognized the lack of efficiency in handling workers’ compensation claims and the lack of empathy when treating injured workers. The need for a workers’ compensation system that actually works is in the best interest of the injured worker, which is why ChronWell stepped up with the mission to achieve better outcomes for injured workers and better value for employers and insurers managing the workers’ comp process.
So, as a company, ChronWell set out to disrupt the workers’ compensation system in America with an efficient, artificial intelligence (AI) and technology-driven approach that also provides patient advocacy and empathy at its core.
2. Please describe your use case and how ChronWell uses artificial intelligence:
MS: Our AI hybrid approach collaboratively pairs technology with people —skilled healthcare and service professionals. AI first serves as Chronwell’s core intelligence engine for monitoring injured workers by powering our care navigation dashboard, Recovry Central. Recovry Central provides all parties a transparent view of coordinated case management for each and every injured worker to boost care, communication and engagement.
ChronWell also uses AI for proprietary risk profiling and deep psychosocial evaluations during injured worker engagement. This technology allows ChronWell to detect early warning signs of situations that could possibly derail fast recovery, allowing for early intervention during all parts of their journey to drive intelligent care recommendations and yield better outcomes for injured workers, employers, and insurers.
3. Could you share a specific customer/user that benefits from what you offer? What has ChronWell done for them?
MS: One of our first customers, California Farm Management (CFM), is a self-insured collective of farms. One of CFM’s largest employers, Cream of the Crop Companies, deployed ChronWell’s unified case management solution, Recovry Central, to a pool of several thousand agricultural workers.
They experienced 28 percent fewer workers’ compensation claims, despite an increase in payroll when compared to the same 28-week period the previous year. This also resulted in a 38 percent reduction in litigated claims and a projection of over 22 percent of savings in new claims costs. In addition to the savings, ChronWell’s program significantly moved Cream of the Crop toward its goal of a completely paperless environment.