Artificial Intelligence (AI) will help plan providers reduce cost. At least that’s what one article I read stated. Yet it will cost people their jobs. Just like with the assembly line, technological developments will lead to many people placed in the industry, on waivers.
I think AI will eliminate many third-party administration and recordkeeping positions. I can imagine AI being used for compliance testing, even plan document drafting and design. The problem is AI is only as good as the people who designed it. So people who make errors will develop AI that will make compliance errors. There will be some need for human oversight. There will always be a need for ERISA attorneys, thankfully.
