One AI Takeaway from 2024 National Comp in Las Vegas

I recently returned from the 2024 National Comp Convention in Las Vegas, and I have one primary takeaway that I want to share with you. My name is Michael Stack, CEO of Amaxx, and this convention is always such a valuable experience. I’ve been attending for the past 12 or 13 years, and each year it provides rich content, meaningful relationship-building, and critical industry insights.

This year, there was a lot of buzz around artificial intelligence (AI). Every session seemed to touch on AI in some form, particularly in how it’s being used in workers’ comp and claims analysis. Here’s the key point I want you to take away from it all:

AI in Workers’ Comp: Still in Its Infancy

There were many sessions discussing the implementation of AI in workers’ compensation — claims analysis, medical bill summaries, predictive indicators, and more. But here’s the thing: AI is still very much in its infancy in our industry. I listened to a lot of different discussions, and the truth is, nobody has completely figured it out yet.

So, if you’re feeling like you’ve missed out or that you’re falling behind, understand that this is a rapidly evolving space. What we’re seeing today is just the beginning, and the tactics around AI will continue to change and develop quickly.

Tactics vs. Principles

This brings me to the core of what I want to share with you: There are principles, and there are tactics. The way we implement AI in workers’ compensation — that’s a tactic. Tactics, like the specific uses of AI, will always change. They will evolve as technology advances.

However, the principles of workers’ compensation will never change. These are the foundational elements: empathy, communication, medical support, managing claims, and getting people back to work. These principles have remained constant for hundreds of years and will continue to do so. No matter how much AI advances, these fundamental principles are the same and will be for the foreseeable future.

AI as a Tool to Support Principles

As AI continues to develop, it will make some processes easier. For example, it can help summarize data or predict outcomes. But AI’s role is to support the implementation of these core principles, not replace them. The question is: How can we use AI as a tool to make our processes more efficient and improve outcomes?

While AI tactics will look drastically different in a few years, the principles behind workers’ compensation will remain exactly the same. Whether it’s the year 2025, 2030, or even 2300, these foundational elements will still guide how we manage claims and help workers.

Final Thoughts

In summary, my major takeaway from the 2024 National Comp Convention is that while AI and other tactics will continue to evolve, the core principles of workers’ compensation will not. Our focus should be on leveraging AI to enhance these principles and improve the efficiency of our systems.

Remember, workers’ compensation can have a dramatic impact on your company’s bottom line, but more importantly, it can have a life-changing impact on the individuals you serve.

Michael Stack, CEO of Amaxx LLC, is an expert in workers’ compensation cost containment systems and provides education, training, and consulting to help employers reduce their workers’ compensation costs by 20% to 50%. He is co-author of the #1 selling comprehensive training guide “Your Ultimate Guide to Mastering Workers’ Comp Costs: Reduce Costs 20% to 50%.” Stack is the creator of Injury Management Results (IMR) software and founder of Amaxx Workers’ Comp Training Center. WC Mastery Training teaching injury management best practices such as return to work, communication, claims best practices, medical management, and working with vendors. IMR software simplifies the implementation of these best practices for employers and ties results to a Critical Metrics Dashboard.

Contact: [email protected].

Workers’ Comp Roundup Blog: http://blog.reduceyourworkerscomp.com/

Injury Management Results (IMR) Software: https://imrsoftware.com/

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