Since ChatGPT and AI are dominating the headlines these days, we asked our readers how will these technologies impact benefits, health care, and the future of our industry?

Ignore at your peril

The impact of AI on employee benefits, health care, and insurance is going to be significant in the near future. It's not a matter of whether these sectors will be affected, but rather how much. Only intentional slowdown or significant government intervention can stop AI's momentum. In the benefits industry, AI will transform the way claims are analyzed, fraud is detected, customer interactions take place via chatbot, and diagnosis assistance is provided, among other things.

Brokers will have a dizzying array of vendors to choose from, making it challenging to identify reliable and ethical partners. To lighten the administrative burden, AI can help streamline back-office processes, become a valuable ally to marketing departments, or even be the marketing department where resources are thin. While some may be hesitant to embrace these significant changes, those who do will enjoy a distinct competitive advantage. AI is not here to replace the key players in the benefits industry; it will instead displace those who fail to leverage its power and take their value and abilities upstream.

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Paul Wilson

Paul Wilson is the editor-in-chief of BenefitsPRO Magazine and He has covered the insurance industry for more than a decade, including stints at Retirement Advisor Magazine and ProducersWeb.