Four hours. That’s how much more time you all say you need each day.
We’re not making this up. It’s a legitimate stat from a survey published at the start of 2023 by Dave’s Killer Bread and conducted by OnePoll.
Sixty percent of the respondents said they need more time to get everything done each day. Four hours was the magic number. That leads to the question: how, exactly, does someone squeeze an extra FOUR hours from a day?
What about AI? AI takes a lot of heat, some of it fully deserved. Do you want to read an AI-generated novel? Probably not. Have AI build your sandwich? Not there yet. Ask AI to make a life-altering decision for you because you’re busy making a TikTok? You know the answer.
But what if we just let AI do what it’s really good at — particularly if it’s something that no one really loves doing anyway?
Using this philosophy, Edenred developed AI functionality to help streamline your claims reimbursement process.
Traditionally, when a participant in a benefits program submits a receipt for an out-of-pocket expense, someone in HR or on the benefits team needs to check the receipt, manually categorize it, ensure the expense is covered by the plan, approve the expense, and submit it for payment.
Mind-numbing for sure. A lot of manual looking, checking, reading, and moving stuff from point A to point B. But it’s an essential part of benefits administration.
If, for example, you offer a commuter benefits plan, you need to ensure each submitted expense is eligible for reimbursement:
- Does it meet tax requirements?
- Does it match local regulations?
- Does that line say “ticket” or “biscuit”?
- Has this receipt been paid previously?
- Is this pre-tax or post-tax?
- What about the other expenses on this same receipt?
AI reads, checks, and processes all of this and makes decisions on how to categorizeeach expense on eachsubmitted receipt in less time than it takes you to snap your fingers (which, BTW, AI can’t do). In fact, the AI in Edenred’s claims reimbursement program would tackle an entire day’s worth in that time.
HR/benefits – they earn back far more than 4 hours.
Since AI is more than a simple algorithm, it also continually learns and evolves. So, when codes, rules, or even an employer’s limits and customizations change, the AI-automated approvals in our plans keep up with no reprogramming needed (IT saves time!). It continually adapts and learns more about what’s allowed and what isn’t (Legal saves time!). Accuracy and speed aren’t compromised. (Employee claims process faster!)
AI-automated expense approvals are part of all of our commuter plans and LSAs, plus our claims reimbursement solution. If you want to learn more about our AI and our solution, read this. Or just schedule a meeting with us and we’ll show you how it all works.