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With an increasing number of Americans working paycheck to paycheck, reimbursement speed for consumer directed accounts is a top priority
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45% of employers want AI-powered chatbots to improve inquiries and 32% want AI solutions to support faster claims reviews
Benefit leaders across the U.S. are turning to artificial intelligence (AI) to drive healthcare benefit use and improve the employee experience, particularly when it comes to budget-friendly benefits like health savings accounts (HSAs) and flexible spending accounts (FSAs). In fact, 85% of companies either currently use or plan to implement HIPAA-compliant AI features in their consumer directed healthcare accounts, according to a survey released by Elevate in collaboration with Datos Insights.
“The adoption of benefits technology, such as AI, has lagged behind consumer technology,” said Brian Cosgray, CEO and co-founder of Elevate. “But with the rising healthcare costs for both employees and employers, there is renewed interest in digital transformation that can deliver results. Nearly 9 out of 10 companies expect to replace existing systems with advanced technologies. This is where AI can play a significant role, delivering impactful use cases that help benefits administrators do more with less, while containing costs and improving the experience and usage rates of employees.”
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The survey found:
- Adoption of AI is Key to Improving Employee Experience – As consumers, employees have become accustomed to the conveniences that new technology, like AI, provide when it comes to customer service and convenience. However, since employers still exhibit some hesitancy, there is a need to demonstrate proven benefits from these features.
Companies are looking at solutions that leverage AI in numerous ways, with the most desired use cases focusing on enhancing employee experience. According to the survey, 45% wanted AI-powered chatbots to help improve handling of inquiries, and 32% are looking to AI to speed claims reviews and assist with personalized coaching. These use cases create unique, automated experiences for employees and improve efficiency and reduce costs for the benefits teams. - Faster Reimbursements and Claims Reviews Among Top Enhancements Desired – Reimbursement hassles – such as keeping track of eligible expenses and balances, doing paperwork, and waiting on physical checks or money transfers – make using FSAs and HSAs cumbersome for employees. They’re also expensive for employers, with as much as 30% or more of operational budgets going toward administrative costs for processing claims and servicing plans.
- Easier Claims Processing Needed – As employers are looking to update their benefits technologies, some of the top enhancements desired center around faster, easier claims processing. About 38% indicated they would like solutions that offered same-day reimbursement payments, while another 37% sought instant claims reviews and on-the-spot determinations.
The survey – “AI and Modernizations Trends within Benefits Accounts Administration” – was conducted with HR and benefits decision makers across a diverse array of industries from both small and large organizations.
“Datos Insights was proud to partner with Elevate on this research, which shows the significant influence of AI in employee benefits,” said Gilles Ubagh, strategic advisor, Commercial Banking & Payments at Datos Insights. “The research clearly shows a demand for AI-driven solutions to improve both the employee experience and benefits administration.”
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