When we think about employee benefits, artificial intelligence (AI) is the last thing that comes to mind. However, more companies across more industries have adopted AI, not only in how they work but also in their service offerings.
While AI is more commonly found in SaaS solutions, benefits providers are starting to incorporate AI in their offerings and solutions to help streamline the enrollment process, enhance communication, and get real-time access to usage reporting and insights.
AI offers several benefits for HR teams and employees, one of which is efficiency. Using AI frees employees to focus on more critical and meaningful tasks by automating and improving business functions.
Additionally, AI can help enhance the employee experience. With instant access to information and more educated decision-making, employees speak more positively about their benefits administration experience. This results in better retention and productivity.
AI also makes it easier to educate employees and find the information they need to make an informed decision about their coverage.
Here are some common use cases for AI in benefits.
AI can help improve self-service for employees by guiding them through the enrollment process and answering any questions they might have about plans, premiums, and more.
Providers can use chatbots and virtual assistants to answer questions and support employees in real time. So, instead of sending your benefits coordinator an email and waiting for days, employees can ask the chatbot and get an answer instantaneously.
This improves accessibility for employees and allows them to manage their benefits more independently while reducing administrative burdens.
Personalized benefits offers
AI can also offer employees more personalized benefits options. AI-driven algorithms can analyze vast amounts of data, such as employee demographics, health records, utilization patterns, needs, costs, and goals, to match employees with a plan that needs their unique needs.
These recommendation engines can help plan sponsors and HR departments better tailor their programs to meet their diverse workforce's specific needs and preferences.
Moreover, AI-powered recommendation engines can help employees make more informed choices about their benefits, simplifying enrollment.
Compare healthcare plans
AI allows employees to quickly compare and evaluate plans for different aspects of their or their family's lives. This includes employee spending accounts (health savings accounts (HSAs), flexible spending accounts (FSAs), life planning accounts (LPAs)), health insurance, supplemental insurance (vision, dental, pet), and more.
This is especially useful if your employer offers different insurance options for employees to choose from. Employees can easily view the differences and make a decision that supports their needs.
Estimate the cost of your health services
AI-powered cost estimators help benefits administrators, HR teams, and employees understand what their costs could be in different situations. These estimators run different scenarios to give the user a range of potential costs based on possible events.
Several benefits providers also use cost estimators to help plan members' healthcare expenses for various services and procedures. For example, if an employee needs to get a cavity fill, they can use a cost estimator to see how much of the service their insurance will cover and estimate how much they'll owe out of pocket so they can plan for the expense.
Real-time access to reporting and data
AI can give benefits administrators instant access to reporting and data. Everyone has the same transparency in real-time information, allowing them to make better, faster decisions. AI and machine learning capabilities can leverage predictive analytics to anticipate future benefits, needs, and trends.
AI algorithms can forecast healthcare costs, utilization rates, and employee preferences by analyzing historical data and market trends. This enables HR teams to proactively adjust benefits programs, negotiate better rates with vendors, and make more informed decisions on plan modifications.
Lastly, AI can help benefits administrators and HR teams improve benefits communication. Using tools like chatbots, plan sponsors can send reminders to employees for their benefits, such as when they might need to renew or are due for appointments, and keep them aware of updates.
Additionally, AI can help enhance compliance and risk management by monitoring legislative changes and automating compliance updates in benefits administration systems.
Further, AI can facilitate communication among HR teams, employees, and benefits providers to update required annual notices, restate summary plan descriptions, or generate a summary of material modifications.
AI can also help HR teams communicate with employees and make them aware of their benefits and how they can take advantage of them.
Offer more personalized benefits options
The future of benefits is personalized. With PTO Exchange, you can offer your employees customized benefits packages that meet various needs. Request a demo today to learn more about converting PTO into financial wellness and social well-being benefits.
Published on Nov 21, 2023 by Josh Reinhard