Investors

2024 President’s Message

Fiscal year 2024 brought exciting changes and momentum in important areas. At the beginning of the year, Generative AI (GAI) technology became available, and less than six months later, CorVel introduced GAI-powered functionality to the industry.

While investment in technology to drive differentiated results is not new at CorVel, 2024 was a year in which the market acknowledged those efforts more. CorVel’s expanding reputation for delivering improved outcomes allowed us to present our services and win an increased number of high-profile accounts.

The market for property and casualty (P&C) and commercial health services was active during the year. In the P&C sector, we have observed that companies working with their current vendor for several years, and in some cases decades, are now exploring the market. Additionally, it is particularly satisfying to have companies we partnered with previously returning to CorVel to benefit from our strengthened service offerings. Our roadmap for enhancements in the P&C market is robust; we are excited to offer a GAI-powered software as a service (SaaS) platform to the managed care market.

Large payers seek innovative solutions in the commercial health market to achieve cost-of-care savings and increased ROI from payment integrity vendors. The CERIS team is working to meet the evolving market requirements by launching new reviews and enhancing system automation and augmentation to increase efficiencies. In addition, the CERIS team is working to broaden partner relationships and, correspondingly, their reach into the commercial health market.

We’re committed to the core tenets on which the company was founded: Investment in technology and our team, fiscal conservancy, and focus on making a meaningful difference for our partners by delivering positive financial and operational results. We’re pleased with the momentum and enhanced differentiation achieved in FY2024.

As always, I am filled with immense pride and gratitude for the CorVel team. Each day, our 4,800+ members across the country demonstrate their dedication and commitment to our clients to deliver best-in-class outcomes. Through their diligence and the tenacity of our management team CorVel remains a place where associates can learn, grow, and advance. I am honored to serve as CorVel’s President and CEO.

I am also grateful for our partners’ invaluable support; their active collaboration has been instrumental in enhancing CorVel’s suite of offerings. To our shareholders, thank you for your trust; we look forward to another exciting year.

Michael G. Combs | President & CEO

Michael G. Combs

President and Chief Executive Officer

Pursuant to Nasdaq Listing Rule 5605(f)(2), CorVel is required to have, or explain why we do not have, at least one director who self-identifies as female and (ii) at least one director who self-identifies as an underrepresented minority or LGBTQ+.  CorVel currently has one director who self-identifies as female, but do not have any directors who self-identify as underrepresented minority or LGBTQ+.

CorVel’s Nomination and Governance Committee believes our board of directors, as a whole, should be well-rounded, consisting of directors with backgrounds that are complementary to one another, reflecting a variety and diversity of professional experiences, skills, education, expertise and personal characteristics.  However, the Committee does not believe the qualifications of an individual to serve on our board should be defined by any one diversity characteristic.

We believe the current composition of CorVel’s board, as a whole, reflects a mix of qualities, attributes, skills and experiences that are appropriate to support the achievement of our long-term strategic objectives.

CorVel is committed to upholding high Environmental, Social, and Governance standards. Sustainability, social responsibility, and strong corporate governance practices are core to our company values, stakeholders’ and shareholder interests. We strive to create a safe, diverse, and inclusive workplace that fosters teamwork, growth, and innovation while minimizing our ecological footprint.