AI in Health Insurance: How is it Being Used & Why?

Why is there a need for AI in the health insurance industry?

  • It improves and quickens data analysis
    • AI can analyze large amounts of data quickly and accurately. And because health insurance relies heavily on data analysis for decision-making, AI has become an easy solution.
  • It detects fraud
    • Health insurance fraud is a risk for payers, and unfortunately this industry is quite vulnerable to it. AI is able to identify suspicious patterns in claims data, which helps detect fraudulent activity as it’s happening and, in turn, saves parties time and money.
  • It provides responsive, round-the-clock member services
    • When insurance holders seek answers, it’s important to be available. AI-driven chatbots and virtual assistants are able to provide 24/7 support, answer questions, and direct individuals to accurate resources, which ultimately enhances member satisfaction.

Five ways AI is being implemented in health insurance