Benefit solutions provider, Clarity Benefit Solutions, explains how Artificial Intelligence (AI) is reshaping the benefits industry.
Technology is rapidly evolving, with new advancements being rolled out on an almost daily basis that can improve and enhance daily life—from smart homes and cars to streaming live TV and speaking to a smart speaker to order groceries and other household items. Now, this technology is making its way into businesses to positively impact the benefits industry.
To recruit and retain the best of the best, human resource professionals are utilizing technology such as automated resume screeners as well as online onboarding and training seminars. And, while AI and automation is fairly new to the employee benefits industry, it is sure to transform the market. More and more companies will begin to embrace data analytics to heighten the employee experience by reducing costs while still providing them with the best quality of care at an ideal price. This data can target specific medical practices, hospitals, and surgery centers that best suit an employee’s specific needs so they don’t need to spend time navigating what can be complex information.
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Furthermore, human resource departments can use AI data to examine demographics, geography, doctor visits, and insurance claims data to further fine-tune benefits offerings. Underused benefits can be eliminated, which will further enhance employees’ experiences as they get to choose the best options and eliminate the possibility of selecting too little or too much coverage.
A system utilizing AI would extract the demographic, geographic, laboratory and doctor visits, historical claims data and predict an individual’s probability of developing a condition. These data points would inform employers about how to best manage risk and select a long-term benefits program without the guesswork, eliminating the possibility of providing too much or too little coverage.
Industry experts predict that over the next several years, AI advancements will become the new industry normal, rather than the exception. This technology will continue to be an invaluable resource to employees to make smarter healthcare options and truly individualize their benefits. It is up to forward-thinking employers to keep up on the latest advances—and embrace them.