In a survey released at the end of April by Mitchell International, half of the responding workers’ compensation professionals reported that cost containment is the driving factor for adopting advanced technologies such as artificial intelligence (AI), predictive analytics, telemedicine, wearables, mobile technology and chatbots.TechnologyWorkers' Compensation
A third of respondents said telemedicine will have the biggest impact on the industry within the next five years, followed closely by artificial intelligence at 30% and predictive analytics at 20%.
Cost containment was also the main reason reported for adopting advanced technologies in a similar survey in 2017. However, in that survey, respondents foresaw telemedicine as more significant, with 45% naming it as having the largest impact, followed by artificial intelligence at 19%.
Almost all of the 2020 respondents said they have either already adopted those new advanced technologies or will within the next five years. Of those currently using advanced technologies, the majority are using predictive analytics, followed by telemedicine and mobile devices or connectivity.
“These findings confirm that the adoption of advanced technologies is at the forefront of the evolution of workers’ compensation claims management,” said Shahin Hatamian, senior vice president of product management at Mitchell.
“The rising importance of AI indicates the growing awareness that smart technology can automate many of the manual processes that are typical in workers’ compensation claims processes, making data actionable and improving the quality and immediacy of decisions.”