1. ADP for workers' compensation and auto claims management.

2. Optum for injury claims and healthcare cost management.

• Workers' Compensation Solutions: Comprehensive services managing medical care, claims administration, and return-to-work programs for workplace injuries.
• Auto & Liability Solutions: Medical management and cost containment services for auto accident and other liability claims.
• Group Health Solutions: Health management services, including utilization review and case management, for employer-sponsored health plans.
• Claims Administration (TPA Services): Third-Party Administrator services encompassing claims processing and benefit payment for self-insured organizations.
• PPO Network Solutions: Development and management of preferred provider networks to provide discounted medical services for all types of claims.

CorVel (CRVL) sells primarily to other companies (B2B) rather than individuals.

CorVel does not publicly disclose the names of its specific major customer companies. This is common for B2B service providers due to client confidentiality, and CorVel's SEC filings indicate that no single customer accounts for more than 10% of its revenues, meaning there isn't one overriding "major" customer that requires specific disclosure.

However, CorVel's major customers can be categorized into the following types of organizations:

• Insurance Companies: This category includes a wide range of insurers, such as workers' compensation carriers, property and casualty insurers (for auto and liability claims), and group health insurance companies. These entities utilize CorVel's services for claims management, medical cost containment, network solutions, and pharmacy benefits management.

• Third-Party Administrators (TPAs): CorVel partners with TPAs that manage claims on behalf of various organizations. These TPAs leverage CorVel's integrated solutions, including care management, medical review, bill review, and data analytics, to provide efficient and cost-effective claims services to their own clients.

• Self-Insured Entities: A significant portion of CorVel's client base consists of large employers, municipalities, and state and federal agencies that self-insure their workers' compensation, liability, or employee health benefits. These self-insured organizations engage CorVel to manage their claims, control medical expenditures, and ensure compliant and timely claims resolution.

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Michael G. Combs, President & CEO, Chairman

Michael G. Combs has been with CorVel for over 30 years, initially joining the company as a software engineer in October 1991. He advanced through several leadership roles, including Vice President of Information Systems, Deputy Chief Information Officer, Chief Information Officer, and President, before being appointed Chief Executive Officer in January 2019 and Chairman in November 2024. Prior to his extensive career at CorVel, Mr. Combs gained experience as a software engineer at SAIC from 1989 to October 1991.

Brian Nichols, Chief Financial Officer

Brian Nichols serves as the Chief Financial Officer for CorVel.

Maxim Shishin, Chief Information Officer

Maxim Shishin is the Chief Information Officer at CorVel Corporation. He previously held the position of VP of Information Systems at CorVel and worked as a Software Developer at In Think Corporation.

Mark E. Bertels, Executive Vice President, Risk Management Services

Mark E. Bertels is the Executive Vice President of Risk Management Services at CorVel.

Jeff Gurtcheff, Chief Claims Officer

Jeff Gurtcheff holds the position of Chief Claims Officer at CorVel.

CorVel (CRVL) operates predominantly in the United States, with less than 2% of its revenue derived from international markets. The addressable markets for its main products and services in the U.S. are as follows:

• Workers' Compensation Solutions: The U.S. Workers' Compensation Insurance market size was approximately $56.7 billion in 2024. CorVel provides comprehensive workers' compensation solutions, including claims management and cost containment services.
• Pharmacy Benefit Management (PBM): The U.S. Pharmacy Benefit Management market size was $638.0 billion in 2025. CorVel offers pharmacy benefit management services.
• Medical Bill Review and Auditing: The U.S. medical billing outsourcing market size was estimated at $6.28 billion in 2024 and is projected to grow to $6.95 billion in 2025. This market is expected to reach approximately $18.74 billion by 2034. CorVel provides hospital bill auditing and payment integrity solutions.
• Telehealth and Virtual Care Services: The U.S. telehealth market size was valued at $42.6 billion in 2024 and is anticipated to increase to $52.76 billion in 2025. CorVel offers virtual care services, including telehealth.
• Disability Management Services: The U.S. Disability Insurance market was valued at $1.7 billion in 2024 and is anticipated to reach approximately $4.6 billion by 2034. CorVel provides disability management services.
• Enterprise Risk Management Services: The United States risk management market size reached $3.3 billion in 2024 and is expected to reach $8.3 billion by 2033. CorVel offers comprehensive risk management solutions.
• Auto Liability Claims Management: The specific addressable market size for auto liability claims management within the U.S. is not distinctly provided in the search results. While the broader North America Insurance Claims Management market was $6,033.55 million in 2024, this includes various insurance types and a wider geographical scope than requested. Therefore, a precise U.S. market size for auto liability claims management cannot be identified.

Here are 3-5 expected drivers of future revenue growth for CorVel (CRVL) over the next 2-3 years:

1. Advancements and Deployment of Artificial Intelligence (AI) and Generative AI: CorVel is heavily investing in and deploying AI and Generative AI functionalities across its operations. These technologies are expected to drive revenue growth by increasing efficiencies in claims management, automating objective tasks, improving cost containment, optimizing claims, and enhancing fraud detection. For example, AI is being used in the review of clinical bills to identify anomalies and document activities, allowing users to focus on reviewing procedures and achieving optimal cost containment.
2. Growth in Network Solutions and Patient Management Services: The company anticipates continued growth in both its Network Solutions and Patient Management segments. This growth is driven by expanding business with existing partners through new service offerings and enhanced programs like bill review. CorVel has seen increased utilization of its CERiS, Ancillary Care, and Bill Review Solutions. Its patient management services, including Third Party Administration (TPA) customers, have also been a significant contributor to overall revenue growth.
3. Strategic Acquisitions: CorVel has demonstrated a strategy of acquiring technology firms to bolster its capabilities and expand its market reach. A recent example includes the acquisition of assets and key talent from a privately held technology firm to enhance the capabilities of its CERIS group health division and strengthen foundational technologies. These acquisitions are expected to be accretive, expanding CorVel's addressable market and accelerating its AI-driven roadmap.
4. Expansion of Partnerships and Customer Base: CorVel's growth is also being fueled by the expansion of its services and scale with both existing carrier and payer partners. The company's focus on delivering quality results for existing services enables organic growth through the addition of new services and offerings. Initiatives like CorVel University are also aimed at developing new talent and strengthening long-term capabilities to address workforce challenges, positioning the company as a leader in workforce development.

Share Repurchases

• CorVel repurchased 377,154 shares of its common stock in fiscal year 2025.
• The company spent $45.7 million to repurchase 215,313 shares of common stock in fiscal year 2024.
• As of March 31, 2025, CorVel had 2,523,309 shares authorized for repurchase remaining under its program.

Share Issuance

• In December 2024 (fiscal year 2025), CorVel executed a three-for-one forward stock split of its common stock, which retroactively adjusted all prior period share and per share amounts.
• The company grants shares of common stock to key employees, non-employee directors, and consultants under an Omnibus Plan, with 1,775,459 shares available for issuance as of November 3, 2025.

Outbound Investments

• During the first quarter of fiscal year 2026 (ended June 30, 2025), CorVel completed an acquisition to enhance its CERIS group health division.

Capital Expenditures

• CorVel has historically funded its operations and capital expenditures primarily from cash flow from operations.
• A significant focus of capital allocation has been on technological innovation, including increased investment in AI to enhance communication platforms, streamline operations, and implement AI-driven functionality for tasks and fraud detection.
• Investments have been made in system and workflow enhancements to reduce costs, improve customer experience, and optimize day-to-day operations.