Right now, the employee benefits market isn’t doing too well. Half of Americans are in medical debt, and 60% aren’t ready for retirement. The COVID-19 pandemic has made companies rethink their benefits in these tough times. But there’s hope! Artificial intelligence (AI) can really help. AI in employee benefits can make the experience personal, enrollment simpler, increase clarity, and improve tailored support. It can help make decisions based on data, better supporting teams while cutting costs.
In a recent article, Pasito’s leadership team discusses how AI in employee benefits can change health insurance provided by employers, retirement planning, voluntary insurance, and employee life and wellness programs. Advances in AI technology will positively impact not only the industry players involved, but employees and their families too.
AI and Employee Health Benefits
Imagine a future where AI can predict healthcare costs for people, show likely scenarios, and understand individual needs. Workers would have the tools to look at all possible combinations of health plans, savings accounts, and voluntary insurance options. AI could guide employees towards preventive care and healthcare providers who offer good value, reducing costs for both families and companies.
Employee Retirement Benefits with AI
AI also shows great promise for retirement planning. By analyzing a lot of data, AI can give personalized education and advice, helping more workers get ready for retirement. Imagine a retirement plan made just for each worker, no matter how big or small their bank account is.
The Future of Voluntary Insurance
AI could change voluntary insurance. By analyzing health and lifestyle data, AI can suggest coverage that fits each family, ensuring they have the right protection without unnecessary costs.
Making Life and Wellness Programs Better
Wellness programs tend to be very general and don’t always get employees excited or involved. But with AI in employee wellness benefits, we can make wellness plans that fit each person’s needs and wants. We look at things like fitness levels, what they like to eat, and stress levels. Plus, AI helps us make the most of other benefits a company offers. It can figure out when an employee might need extra services like help programs, childcare, travel programs, or even a day off. This means more efficient use of resources and strengthens company culture by providing support when it’s needed.
AI in Employee Benefits is a Game Changer
The potential of AI in employee benefits is huge. It promises a future where benefits experiences are connected, personalized, and empowering for both workers and companies. To learn more about where the future of employee benefits is headed, read the full article by Pasito here.