Can AI Cure What Ails Health Insurance?


But by 2017, that price tag had ballooned to $3.5 trillion flowing to and from insurers, Medicare and Medicaid via patient premiums and claims payouts to healthcare providers and drug companies. All told, keeping the U.S. healthcare system spinning took six billion insurance-related transactions (an increase of 1.2 billion transactions from 2016), according to the nonprofit Council of Affordable Quality Healthcare. Could artificial intelligence (AI) technologies help control the industry's rising costs and tsunami of paperwork? Insurers could save up to $7 billion over 18 months using AI-driven technologies by streamlining administrative processes, according to a recent Accenture study. By automating routine business tasks alone, the study projects that health insurers could save $15 million per 100 full-time employees.