According to Kai-Fu Lee, founder of venture capital firm Sinovation Ventures, robots could replace 50% of all jobs in the next decade; artificial intelligence capabilities such as rapidly dispersing loans or recognizing millions of faces at the same time can make businesses much more efficient; while humans will still represent a significant portion of the labor market, specifically in service jobs, the efficiencies of artificial intelligence solutions make them hard to overlook. Source
Japanese insurer Fukoku Mutual Life Insurance Co. has announced plans to replace 30% of its payment assessment department with an artificial intelligence system; the insurance company has partnered with IBM for use of IBM's Watson; the system will analyze and interpret medical documents for insurance payments; the company estimates it will save approximately 140 million yen ($1.19 million) per year by utilizing the new system; other insurance companies also exploring artificial intelligence for similar types of work include Dai-ichi Life Insurance Co., Japan Post Insurance Co. and Nippon Life Insurance Co. Source
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