Unlocking The Value Of Supplemental Health Benefits: Is AI The Path Forward?

Today's workers are very concerned about protecting their health and well-being. These include inflation, excessive debt, rising anxiety, work-life balance, and more. The incidence of serious diseases among young people, such as colon and breast cancer, is a growing concern. Increased physical activity in children (and also adults) increases the risk of injury.

The complexity of today's health care environment increases the importance of extended health benefits as a critical component of a voluntary benefits program. However, regardless of their apparent value, these products face challenges in the marketplace.

Market problems

Two problems with supplemental health benefits are related to attrition rates and low employee utilization.

It was important for insurance companies to have an adequate loss ratio, high enough to justify the cost of insurance through the use of employees, while at the same time providing enough margin for the insurer to be financially strong and able to introduce advanced product features.

Employees are less familiar with supplemental health insurance, and as a result, they ignore it or forget to take advantage of the supplemental benefits. And unearned profits are a key factor in lower-than-expected loss ratios.

Be simple and intuitive with artificial intelligence (AI).

We know that the reasons for offering and choosing supplemental health benefits are clear and compelling. We know the main problems, but what is the solution?

I think we need to realize the importance of AI. This robust discipline is growing exponentially and has great potential to expand the use of voluntary benefits due to its ability to provide meaningful personal assistance to employers and employees.

Employers must ensure that their benefits match the demographics and basic needs of their employees. Some operators offer artificial intelligence-based tools that help employers analyze staffing and tailor benefits to employee needs and expectations. AI is also used to analyze post-registration results and adjust strategies to improve follow-up communications and enrollment efforts.

AI's ability to synthesize data can create a personalized, easy-to-use communication experience that helps users consider their options based on unique circumstances. AI also improves the claims process through integrated information sharing across claim types and benefit categories, resulting in optimized, proactive payments, sometimes even before claims are submitted. There are risks associated with artificial intelligence that must be considered and managed, including changing regulations, bias in data that may discriminate against different racial and ethnic groups, privacy and cybersecurity concerns.

AI. Empowering employees today to prepare for an unpredictable future

Voluntary benefits are a smart strategy to meet the health expectations of today's evolving workforce. Personalized communications and digital tools powered by artificial intelligence are critical elements of a successful program. And human assistance remains an important factor in ensuring that operators make the right decisions for workers and their families. Although challenges remain, interest in voluntary benefits is growing, and the thoughtful application of AI to voluntary benefits practices will create more creative solutions to support healthy workers and businesses today and in the future.

Insurance products are issued by Minnesota Life Insurance Company or a New York licensed insurance company. Minnesota Life is not a licensed insurer in New York and does not conduct insurance business in New York. Both companies are headquartered in St. Paul, Minnesota. Product availability and features may vary by state. Each insurer is fully responsible for the financial obligations of the policies or contracts it undertakes.

Securian Financial is a trading name of Securian Financial Group, Inc. and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc.

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