The number of patients turning to artificial intelligence (AI) for their healthcare is set to explode over the next five years, saving hospitals billions of dollars in the process.
Juniper Research said, that as citizens get used to the technology, the number of interactions with AI-powered ‘chatbots’ would jump from 21 million each year to 2.8 billion by 2023.
This is set to free up staff time and save countries’ healthcare systems around $3.7bn (£2.9bn), alleviating the mounting pressure brought on by ageing populations.
“But if deployments are not backed up by investment in record-keeping, then financial and time savings will evaporate,” research author, Michael Larner, warned.
“Chatbots have the potential to transform the way in which patients engage with their healthcare systems, and go some way to take the pressure off overstretched staff.”
Juniper Research describes chatbots as “a computer programme utilising technology designed to simulate conversational interactions with human users,” which may also trigger automated responses.
These can be used to diagnose ailments, but can also provide a vital resource for patients living with chronic disease, with the US most advanced in incorporating the technology in healthcare services.
The NHS is already hoping to launch mobile applications for ailment diagnosis, with the aim of cutting patient waiting times at Accident & Emergency and reducing staff costs.
Several other major health services are looking to do the same, which could be particularly beneficial for countries like Germany which expects it will need three million more nurses by 2060.
Juniper Research said the first priority for healthcare providers should be to ensure that the information collected from patients is transferred to their medical records and other applications.
“This means that providers of medical records and line of business applications will need to make their existing systems interoperable with chatbot providers,” it added.
An increasing reliance on data and IT systems has seen cyber incidents shoot to the top of the most pressing risks facing businesses worldwide, research by Allianz has uncovered.
17 January 2020
The majority of risk managers worldwide cannot adequately assess the threats posed by new technologies, research by Accenture has found.
10 December 2019
Financial institutions will save $7bn (£5.43bn) by 2024 thanks to blockchain technology and the automation of customer checks, a market research firm has predicted.
05 November 2019
Why InsurTech? A Pressured Insurance Value Chain
By Andrew Sagon, Andrew Johnston and Matthew Wong
InsurTech is a burgeoning phenomenon that is modernising the insurance industry. It is disrupting the traditional value chain whereby insurers offer loss protection, and shifting the emphasis to risk mitigation. Incumbents face disintermediation as investors in search of higher yields pour money into insurance-linked instruments in the capital markets. And entrepreneurial businesses are targeting friction costs and inefficiencies within every aspect of the traditional value chain.
Nimbleness and agility will unlock potential
By Elinor Friedman, Andrew Harley and Klayton Southwood
Recent Willis Towers Watson surveys in the U.S. have shown that P&C and life insurers in developed markets are taking seriously the potential of big data and predictive analytics to improve their businesses. Nimbleness and agility, rather than brute force, are likely to be key to realizing that potential.
Driven by technology, toolkits and talent
By Claudine Modlin and Graham Wright
Advanced analytics is helping some insurers offer innovative products and solutions. What do insurers need to know about the changing nature of analytics and whether it is worth the investment? Claudine Modlin and Graham Wright discuss technology, toolkits and talent — topics that may help you decide.
Risk transfer is part of a comprehensive solution
By Adeola Adele, Patrick Kulesa, Kevin Madigan and Alice Underwood
Given the dynamic nature of cyber-risk, taking a multidimensional approach that integrates board governance, technology solutions, behavioral change and risk transfer solutions can help reduce risk to a manageable level.