WORKERS COMP CLAIMS CUT LEGAL NEED WITH AI
Artificial intelligence is revolutionizing the world of workers’ compensation claims management, according to a new study. AI software provider, Gradient AI, analyzed over 200,000 lost-time claims from 60 insurers over a decade, and found that using AI resulted in a 15% reduction in legal involvement in lost-time claims.
But that’s not all – the study also revealed a 5% decrease in lost-time claim costs. That’s equivalent to a whopping $3.5 million in savings per year. How did AI achieve these impressive numbers? By providing insurance adjusters with early alerts about injury severity and claims status changes.
AI models allow insurers to handle comp claims more efficiently. By assessing claim complexities and predicting the likelihood of legal involvement, these models can give adjusters the heads-up they need to take proactive measures. And the result? Fewer lawyers, less legal hassle, and major cost savings.
So, what does this mean for workers’ comp claims? It means that AI can make a real difference when it comes to streamlining the process and reducing unnecessary costs. By utilizing AI technology, insurers can spot potential issues early on and take action before things spiral out of control.
The future of workers’ comp claims is here, and it’s AI-powered. No longer will insurance adjusters need to rely on their gut instinct alone. With AI by their side, they can make informed decisions that save time, money, and headaches.
What do you think about the rise of AI in workers’ comp claims? Are you excited about the potential cost savings, or do you have concerns about relying too heavily on technology? Comment below and let us know your thoughts!
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