Artificial intelligence offers enormous potential for positive change within the health insurance industry, but like the integration of data analytics, that change will take time and be more pronounced in certain areas over others in the short-term, according to an October report from Moody's.
"A significant role for AI in the health insurance sector is unlikely to emerge immediately," the analysts wrote. "However, the pace of AI development is so fast that the technology might have an impact sooner than industry participants expect."
Three key takeaways:
- AI will offer insurers another tool to improve efficiency and lower costs through more actionable conclusions based on data analysis both internally and for providers.
- The use of data analytics is making progress in the industry, but it is still in early stages. Similarly, integrating AI into a provider's workflow will be slow initially too.
- The biggest initial impact of AI will be felt around more automated business and administrative tasks. Moody's cited using AI to create RFPs for state Medicaid contracts more quickly, along with better management of claims and prior authorization requests, and helping to identify fraud.