Artificial intelligence (AI) and machine learning are two parts of a booming tech industry, with recent advancements making it possible to generate images, articles, and even codes that can be used to make an app, by barely lifting a finger.
This technology isn’t new or something to be afraid of. In fact, a number of websites in all sectors already use a more straightforward form of it – virtual assistants – like our very own Remi.
In the IPMI industry, it’s possible for AI to decide whether some claims are valid within seconds, removing the need for an individual to read through each and every claim form and make that decision. In short, these developments give businesses within our industry the opportunity to both save costs and leave more time to focus on business growth.
Most importantly, these efficiencies aren’t about cutting staff; they’ll ultimately benefit the customer and the experience they receive from those organisations who adopt this technology. Instead of sifting through claims forms, employees would be able to provide a more effective, tailored experience. The end product will be delivered at a quicker pace with improved personalisation, which is increasingly important in the IPMI industry.
Take our AXA Global Healthcare virtual assistant, for example. Remi, who is constantly taking on new information through machine learning, will help our customers find what they’re looking for more easily. The seamless navigation is designed to quickly guide users to the most appropriate next step, whether that’s viewing their online account, accessing virtual care services, using the provider finder tool, or connecting them to human advisors where needed.
While there are a number of benefits to AI systems, there are also some key considerations to be taken into account. For example, the technology needs to learn before it becomes fully effective, which takes time and can be costly. For risk officers, measuring the worth of AI is a complicated task – will the investment, in terms of both time and money, be worth it in this field? Or could the results backfire?
Risk management is a crucial consideration as AI technologies become more deeply integrated into the IPMI industry. In particular, it’s essential to ensure that accurate, specific and unbiased data is fed into the system for decision-making, and it’s our responsibility as humans to manage this. Take image-generating platforms, for example. Image-creation on AI platforms can lead to a lack of visual diversity of people, if the AI has not had enough of a range of images and data to learn from in the first place.