4. AI was hailed as a boon to workers compensation claims
Posted On: Dec. 27, 2023 6:30 AM CST
Artificial intelligence has been billed as a technology that makes jobs easier and more efficient, and many experts in the workers compensation sector in 2023 appeared convinced that AI is already improving the claims management process.
Claims professionals this year touted technologies such as AI and machine learning as helping to improve outcomes and detect fraud.
While the insurance industry has traditionally lagged in technology deployment and utilization, experts say AI is helping to change that trajectory.
A story examining the use of AI technology as a tool in workers comp claims was the fourth-most-read workers comp-related story on Business Insurance’s website in 2023.
A survey of claims executives highlighted the benefits of AI in improving injured worker care and reducing litigated claims.
Experts also reported that AI implementation has led to a reduction in lost-time claims, which can result in a savings of millions of dollars a year for insurers.
Automation technologies that have been used in the claims process have also helped to free up professionals who previously spent many hours on mundane tasks, according to experts, enabling them to focus on other tasks.