How artificial intelligence can save health insurers $7 billion, Accenture says

Insurers can save up to $7 billion over 18 months using technologies driven by artificial intelligence, according to an Accenture report. About three-quarters, or 72 percent of payer executives, said within the year, AI will be one of their top three strategic priorities for their organization. Accenture identified six areas where AI can make a difference in an insurer's operating model, and said the top three are in anticipating and resolving customer questions, improving the benefits loading and design process and accelerating prior authorization and clinical review of claims. Money saved by using AI in the six areas include $2.1 billion in managing customer interactions; $1.4 billion in managing membership and billing; $1.1 billion in managing and support reimbursement by automating claims processing and reviews; $1 billion in managing network and providers; $.9 billion in performing health management to engage members in improving outcomes with intelligent solutions; and $.5 billion in managing quality improvement and compliance via automated reporting and regulatory updates. In workforce management, the result of automating core administrative functions using AI equates to unlocking $15 million in operating income for every 100 full-time employees, the report said.