Artificial Intelligence is taking over, at least in the insurance sector

artificial-intelligence-in-insurance-sector
artificial-intelligence-in-insurance-sector

Japan is always way ahead when it comes to adopting new technology trends and scientific innovations. The latest lead is that the artificial intelligence has taken over an insurance company in Japan, if not the entire company, then at least a section of it. Fukoku Mutual Life Insurance has replaced 30 employees with an artificial intelligence system to calculate payouts to policyholders.

The company believes, according to this Guardian link, that this transfer of the job to the artificial-intelligence-run machines will increase productivity by 30% and will see a return on investment in less than two years.

The technology, developed by IBM, is based on IBM’s Watson Explorer. According to IBM, the system possesses “cognitive technology that can think like a human, enabling it to analyse and interpret all of your data, including unstructured text, images, audio and video.”

The new artificial intelligence technology at the Fukoko Mutual Life Insurance company will be able to read tens of thousands of medical certificates and go through the hospital records and medical histories and surgical procedures (if any) before calculating payouts.

Although the artificial intelligence system will be calculating the payouts, the payments won’t be made unless they are approved by a member of staff, just in case someone comes to exploit the system.

It’s not just the insurance sector that is adopting artificial intelligence, the AI systems may also very soon start helping the political class in Japan. In February, the economy, trade and industry Ministry will introduce AI on trial basis to help civil servants prepare answers for ministers during cabinet meetings and parliamentary sessions.

Image source

About Amrit Hallan
Amrit Hallan is the founder of TechBakBak.com. He writes about technology not because "he loves to write about technology", he actually believes that it makes the world a better place. On Twitter you can follow him at @amrithallan

Be the first to comment

Leave a Reply

Your email address will not be published.


*