Artificial Intelligence (AI) is fundamentally transforming the healthcare world and everything in it. And we’re not just talking in medical diagnosing and treatment, but in insurance and benefits management as well.
While the transition to AI products/platforms may be a bit more cumbersome, expensive, and time-intensive compared to more traditional approaches, more and more companies are adding AI to their organizational model. This is because developing and utilizing practical AI applications open the door to new, untapped opportunities to attract customers, enhance user experience, save time on routine task performance, and more.
AI helps to uncover new resources of revenue. Predictive recommendations collect data on customer needs, wants, and characteristics, to identify patterns and allow for the creation of client-tailored plans that ultimately reduce risks.
This personalization can maximize customer experience by connecting them directly to programs, services, and solutions that will best meet their needs and promote healthier living and lifestyles. Additionally, by implementing AI virtual assistants and advanced applications, you’re able to create a portal that offers 24/7 customer service—a benefit to those who don’t hold a typical 9-5 job.
While it may seem like automation may create a battle of man versus machine, it’s a value add that many employees appreciate. Automation in analytics and software development saves time by running reports and gathering data that once took hours in a matter of seconds. This in turn can reduce costs and increase overall operational efficiencies.
As AI becomes more developed, it’s important for brokers and consultants to first decide what aspects make sense for their business, determine how to best implement them, and think through possible transition hurdles. Will your billing structure need to be modified for machines vs people? Are the algorithms used by human personnel compatible for the intake of AI data? Will new algorithms and format structures be required for success? Have you communicated with your staff that the technology is meant to assist them, not replace them?