Japan: Insurance company is laying off its employees and replacing them with Artificial Intelligence

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Japan: Insurance company is laying off its employees and replacing them with Artificial Intelligence

Post by Rashmun on Wed Jan 11, 2017 11:12 pm

The year of AI has well and truly begun, it seems. An insurance company in Japan announced that it will lay off more than 30 employees and replace them with an artificial intelligence system.
The technology will be based on IBM's (IBM, +1.35%) Watson Explorer, which is described as having "cognitive technology that can think like a human," reports the Guardian. Japan's Fukoku Mutual Life Insurance said the new system will take over from its human counterparts by calculating policy payouts.
The company said it hopes the AI will be 30% more productive and aims to see investment costs recouped within two years. Fukoku Mutual Life said it expects the $1.73 million smart system—which costs around $129,000 each year to maintain—to save the company about $1.21 million each year. The 34 staff members will officially be replaced in March.


http://fortune.com/2017/01/06/japan-artificial-intelligence-insurance-company/

Rashmun

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