Oct 17, 2024
We’ve all heard about artificial intelligence (AI)—it’s everywhere in the news and in our lives! How is it affecting our industry? In fact, AI is revolutionizing healthcare, acting as a super-assistant ̶ to humans who remain in charge ̶ to diagnose, plan treatments, and manage patients quickly and accurately. For insurance brokers, it's a game-changer, cutting costs and time while offering personalized service.
AI in Insurance
Concerns about the need for human oversight are valid, but regulations, like California's requirement for physician oversight in AI-driven decisions, are beginning to address these issues. And as the news reports, insurers such as UnitedHealthcare and Humana are facing scrutiny over AI's role in claim denials, prompting increased regulation to ensure fair practices. Other states have also ramped up scrutiny over how payers across industries are deploying AI for underwriting purposes. So, that should give you and your clients some comfort.
AI Benefits for Brokers
- Faster Claims: AI accelerates claim verification and fraud detection, reducing waiting times and ensuring quicker approvals, while staying compliant with business practices and by employing human supervision. This should help keep your clients happy beyond open enrollment!
- AI Chatbots: Need extra help? AI-powered chatbots provide 24/7 customer service, handling claim inquiries and coverage questions, freeing brokers to focus on high-priority tasks.
- Fraud Prevention: AI detects suspicious patterns, reducing fraud and safeguarding client trust.
- Speedy Underwriting: AI processes data from many sources, such as wearables, streamlining underwriting and making it faster than ever.
Why AI Can Be Your New Best Friend
AI helps brokers stay informed with real-time data, be available 24/7, and advise clients on preventive care. It also keeps brokers updated on cutting-edge treatments for improved client options when offering new benefit packages.
Ready to integrate AI into your business? Contact your Amw̶ins Connect Regional Sales Representative to discover how AI can work for you.
