We use forms of Artificial Intelligence every day—from Alexa telling us the weather, to virtual
assistants on websites, to Wall Street for stock trading. So, it feels natural that it will continue to
permeate our lives and business sectors. One of the areas that AI has a huge potential to change is
underwriting.
Most of us know that underwriting is a labor-intense process. Requesting the records, reviewing
them and understanding the terminology takes hours. Attention to detail and the ability to identify
both current and prospective patterns is key when aligning a patient’s or group’s health with the
coverage they need. And any time humans are involved, there is a potential for mistakes—which
can be costly in a number of ways.
That’s why artificial intelligence is so attractive—it eliminates the potential for human errors
both on the underwriting side and the employer group side. When considering underwriting,
many look solely at the integrity of the underwriter, but AI considers and accesses the integrity of
the member, confirming information to detect fraudulent claims. AI can also review thousands of
health records much faster than a human could. It also has the capability to identify patterns and
pick up on terms that the humans reviewing might miss. While humans would need frequent
training to stay abreast of specific trends, AI is constantly learning the algorithm and training
itself. Additionally, AI could go on reviewing documents while the office is closed, and the
underwriters are sleeping. This not only saves money but limits repetitive tasks and aids in
improving overall worker productivity. Another additive to AI performance is the customer
service aspect. No matter the time or day, members could access AI with questions or concerns
via a chat bot feature, strengthening customer rapport. In short, AI enhances offering accuracy,
speed, and even predicts future outcomes—establishing a layer of risk analysis we’d only dream
of.
Of course, there are cons. AI is relatively unknown and therefore requires work on the front end
to establish rules and behaviors. While humans need rest and can miss things, they have critical
thinking and creative skills that AI cannot duplicate. There is an inherent value in a real person
looking at the data to understand the employer group and its members—and AI just can’t
replicate that.
However, the trend in the marketplace is certainly in the direction of leveraging AI to make every
component of the healthcare ecosystem more efficient. At RMTS, we pride ourselves on
partnering with you for the long-haul, and that means staying on top of industry trends. If you
have questions about AI and its application to underwriting, reach out to us.
The Blueprint
Is AI the Future of Underwriting?
5.1.2023