Japanese insurance company replaces workers with AI
Using IBM Watson Explorer AI, insurance firm Fukoku Life Insurance is about to replace the jobs of more than 30 human workers. « It will help calculate payouts to Fukoku Mutual Life Insurance policyholders from January 29 » as described in a company’s statement.
IBM describes Watson as « cognitive technology that can think like a human ». It will therefore scan hospital records and medical certificates, to later extract data on injuries, medical history, etc. According to the Japanese insurance company, this AI will increase productivity by 30%. The downside, however, is that this new technology will replace the job of 34 persons. Their contracts will not be renewed.
Other Japanese insurance companies are already using artificial intelligence: Dai-ichi Life Insurance uses Watson to proceed payment assessments and Nippon Life uses it to analyze the best coverage plans for its customers.