A Japanese life insurance company has recently made plans to replace 34 employees with an artificial intelligence (AI) system. The system implemented by Fukoku Life Insurance is based on IBM’s Watson Explorer that possesses the capacity to analyse and interpret a wide range of unstructured media such as text, images, audio and video data. It will draw upon medical certificates, past surgical procedures and hospital stays in order to calculate payments for policyholders with sums being sent out after having been approved by human members of staff. The company states that the use of this technology will improve the firm’s productivity by an estimated 30% as it greatly reduces the time needed for the calculation of payments. The company also expects a return on its investment within two years as it claims it will make yearly savings in salaries.
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