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. As there are no physical insurance agents left in this particular section, there will be no need for an Insurance imo to help them with their own insurance claims because of the AI technology that has taken their place. With that being said, Fukoku Mutual Life Insurance has replaced 30 employees with an artificial intelligence system to calculate payouts to policyholders. Everyone should have a life insurance policy and if you don’t, click here to find out how to get one. They come in very handy!
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. Such technology will soon become widely used and beneficial to other life insurance agencies such as https://www.specialriskmanagers.com.au/ and many others across the world that are wanting to automatically calculate payouts for various insurance policies.
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.