Artificial intelligence has dominated conversation in 2023. It’s a topic that you can’t avoid if you spend any time online, and for good reason. AI continues to look like it will disrupt everything we know as human beings and change the way the majority of the world lives.
We don’t know how soon the drastic changes will take place or if we will continue to gradually integrate AI into our lives and fail to notice the change only to look back 5 years from now and see a completely different way of life. Benefits administration won't be the exception when it comes to AI's influence, which is what we do know.
Benefits administration was traditionally a paperwork-intensive process, fraught with inefficiencies, and prone to human error.
That isn’t the case any longer, thanks to the growth of digital platforms, and it certainly will only become more efficient as time moves on. AI will help brokers change how claims are looked at, fraud is found, customers talk to chatbots, diagnosis help is given, and much more.
It’s hard to fathom the advancements we may see in the next 5 years when it comes to the AI innovation that will allow us to further streamline benefit administration. For example, it’s forecasted that we will see increased personalization and augmented work.
Meaning it will ensure benefits align closely with diverse employee preferences, improving satisfaction and engagement. Meanwhile, augmented work will automate administrative tasks and facilitate data-driven decision-making.
Additionally, AI and machine learning will automate routine tasks and personalize employee experiences. AI-powered chatbots and virtual assistants are a perfect example that is live today. These chatbots can provide 24/7 support to employees, answering queries about benefits options, eligibility, and enrollment procedures. This not only improves employee satisfaction but also reduces the workload on HR departments.
Also, machine learning algorithms will look at huge amounts of data to find patterns, guess what benefits people will need in the future, and help companies change their benefits packages to meet employee needs. Utilizing this data-driven method makes sure that benefit packages are both cost-effective and competitive.
If you feel like you haven’t caught the AI wave yet, there isn’t a better time than to jump on now. We may say it’s critical to familiarize yourself with the power of AI now before it becomes increasingly complex and you end up so far behind that adoption becomes nearly impossible. The development of AI technology will surely bring unique challenges and decisions for us as humans. We at HR Tech Solutions are firm believers that AI will do much more good than harm.
Ultimately, we hope that our pursuit of AI will foster a greater sense of humility within the industry, prompting us to appreciate the non-human intelligence to allow us to spend more time focusing on what only humans can do, solving creative problems, building human relationships, and serving humanity through society’s critical industries, such as benefit administration.
At HR Tech Solutions, we understand the potential of these emerging technologies to transform benefit administration. We specialize in guiding brokers and human resource departments through the digital transformation journey, offering tailored solutions that allow you to streamline your processes and bring clarity to your day-to-day.
If you need expert help to modernize your benefits administration processes and stay ahead of technological trends, we help our clients navigate the future of benefits administration with confidence and strategic insight. Connect with us here.