Technology is the fastest changing — and fastest growing — aspect of the voluntary benefits industry. If the carriers you work with are like most in the marketplace, they're quickly getting on board with new tools such as application programming interface technology that help streamline operations and improve customer service. And if they're not already supporting API data exchange now, they're likely building that capability or modernizing their systems to enable it, according to Eastbridge's recent "Application Programming Interface and Artificial Intelligence Carrier Practices" Frontline™ Report.

Far fewer carriers surveyed are taking the leap into artificial intelligence, and even fewer are using AI specifically for their voluntary/worksite business. Carriers cite the newness and viability of the technology, evolving internal strategies for using AI, and the investments and resources needed to support it as reasons to move cautiously. But that's changing. Here are five things you need to know about the voluntary market and AI. 

#1  A strong majority (73%) of carriers not currently using artificial intelligence say they expect to use it in the future.

Most carriers surveyed say they'll implement AI in the next six to 12 months, although a few say it'll take two to three years. 

#3  Carriers using AI for claims say they're faster and more efficient.

Most carriers using AI for claims say less processing, faster turnaround times and greater efficiency for claims examiners has helped them improve the claims filing or payment process. AI allows them to auto-adjudicate health and wellness claims, and even helps them identify additional potential supplemental health claims policyholders could file.

How much this ultimately benefits their business isn't entirely clear yet. Two-thirds of carriers using AI say it's increased their efficiency and accuracy, but a third say they don't know yet. And only a few say their increased speed and cost savings are differentiating them in the market.

#4  Carriers are treading cautiously with customers.

Only a few carriers say customers interact directly with their AI system to get information or support, and all offer human assistance by giving customers the ability to transfer from a virtual assistant to a live representative by phone or online. Carriers using AI for customer support cite benefits including seamless integration of benefit choices and decision-support tools, the option to interact with a virtual assistant for 24/7/365 service, and the ability to provide employees with unique, personalized recommendations and next actions.

#5  Carriers still face challenges to effectively implement AI.

Carriers cite the fast pace of innovation and the ability to quickly implement new uses of the technology as some of the obstacles they need to overcome. Some carriers are also concerned about data accuracy from existing internal systems, brokers and employers, and the accuracy of outcomes or decisions based on AI. They say they're jumping these hurdles with monitoring processes or performance evaluations for AI systems, including internal tests or checks before deploying AI capabilities and audits to ensure AI is reaching the correct outcomes or decisions.