Artificial intelligence (AI) is going to do to employee benefits, what it has already done to the engineering, insurance and customer service industries. They will become more valuable, accessible and transparent. Becoming what both employers and employees want and need them to: truly useful.
AI has already proven its worth in other industries
In engineering, AI has helped to reduce the capacity for human error, improving both safety and performance. General Electric has adopted an AI system in the development of its state-of-the-art jet engines. Cracks and other problems in airplane engine blades are now spotted instantly. This has been achieved by combining a form of AI that was originally developed to help television networks categorise movies and TV footage, which, thankfully, now helps keep us safe when we fly.
Customer service is benefiting from increased developments in human interaction and personalisation, and some AI developers are even specialising in customer service. DigitalGenius, for example, is helping organisations to provide quick, easy and cost-effective customer service with automated text Q&A chats. And it is not just the customer support side of things either. Have you ever wondered how Netflix’s recommendations get better the more you watch?
Not to be left behind, the insurance industry is adopting AI to improve data collection, risk selection and risk assessment. Its ability to identify and assess trends and emerging risks is already cutting costs and providing greater accuracy. Did you know that the Mercedes Benz S-Class contains more lines of code than an F-22 Raptor fighter? Imagine all that data, collected by insurance companies and instantly assessed by their AI programmes to write smarter, more accurate policies.
Employee benefits are next in line to adopt, and improve with, AI
By and large, the advantages of employee benefits are poorly communicated to workforces. According to ?? Benefits are worth on average 11.5% of salaries but are not seen as being valuable to the employee, and are costly for employers. More than two-thirds (67%) of organisations plan to boost employee understanding and awareness of their benefits by increasing communications over the next year. If AI can make employee benefits more accessible, for example, through people’s mobiles or tablets, then employee benefits can become just as much a part of an employee’s daily routine as the work itself.
Over 84% of employers surveyed by ?? said that one of the main reasons they invested in employee benefits was as a tool to help with the retention and recruitment of staff. AI’s data collection and machine learning capabilities can help tailor employee benefit plans to suit increasingly diverse workforces, and improve relevance and follow-through on the part of staff members. AI can achieve all this in real-time and without any increase in costs for employers.
Healthcare will be the epicentre of the employee benefits and AI relationship
The most trusted and valued employee benefits invariably deal with healthcare. In fact, private medical insurance that extends to partners and dependants is the most commonly offered flexible benefit.
As in engineering and insurance, human error in healthcare is reduced, ensuring patient safety. While machines are learning, enhanced by human feedback, to become even more accurate, both in risk assessment and in presenting the correct options for onward care.
Google’s DeepMind is already involved in its second collaboration with the NHS. A new machine learning system being built at the Moorfields Eye Hospital will be able to recognise any sight-threatening conditions from just one digital scan of the eye.
Healthcare is also learning from the customer service industry. For example, eight out of 10 patients do not need to see a GP in person for their medical concerns. With an overburdened NHS, AI triage systems are transforming care pathways to ease the load. People can now instantly check their symptoms and get fast, accurate advice without ever having to the leave the house.
AI has already made itself not only relevant, but essential, to a wide range of industries and is proving critical to their growth. Employee benefits have the same opportunity and should not wait to be asked to get involved.
Insights box
AI has already proven its worth in engineering, insurance and customer service.
Employee benefits are next in line to adopt, and improve with, AI.
Healthcare will be the epicentre of the employee benefits and AI relationship.
Umang Patel is clinical director at Babylon Health
