Responsible AI may be the future of employee benefits

Everyone’s talking about it. And some organizations are even beginning to effectively integrate it. What’s the ‘it’? Why Artificial Intelligence (AI), of course.

The disruption from COVID-19 changed the timelines for the adoption of AI by significantly accelerating digitization for insurers. AI and its related technologies are poised to have a monumental impact on all aspects of the insurance industry, from marketing and distribution to underwriting and pricing to claims¹. All of which will subsequently have a monumental impact on the employee experience.

As the conversation shifts from theoretical to practical, the industry is being tasked to both define the ethical boundaries of AI and the customer value. Executive Vice President of Employee Benefit Solutions at Securian Financial, Sid Gandhi, recently discussed the strategic use of AI. “It’s important not to view AI as a strategy in itself. AI is a set of capabilities and tools that helps advance our strategies and drive better customer experiences.” It may not be long before AI enables new product categories and engagement techniques while responding to shifts in underlying risks or behaviors in real time1. With 80% of insurance companies using or planning to integrate AI in the next year², staying ahead of the curve is vital to ensuring tomorrow’s customers are handled with care. 

Effectively leveraging these new powerful tools requires careful attention to regulatory considerations, particularly around data privacy, decision transparency and bias mitigation. Aaron Reihl, AI Senior Product Consultant at Securian, explains that effective AI governance can’t be achieved without a human-in-the-loop, cross-functional involvement and workforce education.

At Securian Financial, we believe in uniting responsible technology with customer expectations to design the best employee experience. Please reach out if you’d like to hear more about where we are leveraging AI or check out the articles below.