From using Waze to help you navigate to your doctor’s appointment to depositing a check through your smartphone app, Artificial Intelligence — otherwise known as AI — is already part of our everyday lives. And it’s only the beginning.
According to PwC, 86% of executives say AI will be a “mainstream technology” at their company this year.[1]
In the insurance world, there has been some reluctance to adopt AI. Yet there are tremendous efficiencies to be gained, especially for third-party administrators (TPAs) working to administer insurance and reduce business risk. In fact, TPAs are uniquely positioned to benefit from AI, which works best when it is informed and shaped by a large body of data. We all know the insurance industry has mountains of data at its disposal.
Today, many TPAs are taking on even more responsibility for their customers than before. Technology powered by AI can help TPAs manage this extra workload by promoting operational efficiency and even maximizing customer retention.
No longer the stuff of science fiction, AI can help a TPA claims adjuster gather information, analyze data by running a model and make data-driven decisions, freeing you up from repetitive, operational tasks in favor of other business-critical endeavors.
Think about how AI can aid claims administration, for example. The manual method of processing claims is complex and tedious, and it involves a lot of paperwork. With this approach, the TPA claims adjuster spends a lot of time gathering information, following a complicated list of steps to process it properly. Without an automated process to validate data, human error is bound to occur when filling out forms manually. With AI software, the TPA claims adjuster can improve efficiency, ensure accuracy and focus on higher-value tasks.
Specifically, the benefits of using AI in claims administration software include:
In today’s rapidly evolving insurance market, claims technology powered by AI is proving essential for TPAs and other organizations striving to maximize customer retention and ensure growth. Clients certainly appreciate efficiency and productivity. Your customers, too, have new and evolving expectations today. In partnership with Millennials especially, who are accustomed to on-demand service and instantaneous communication, AI may prove to be essential.
TPAs that rely on AI to help process claims can better focus on outcomes and service, including:
TPAs leading the industry are already relying on AI to simplify processes, cut costs and better care for customers. Don’t be left behind. Learn more about how AI can help your organization take the first step toward organizational growth.
For more information on using AI as a TPA to help improve service and outcomes, contact LESLIE SARGENT, Ventiv’s TPA practice leader.
[1]https://www.pwc.com/us/en/services/consulting/library/artificial-intelligence-predictions-2021/no-uncertainty-here.html