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
Artificial intelligence innovation is an important focus for many companies in 2017. Fukoku Mutual Life Insurance Company has taken a lead in the insurance market with its announcement to replace 34 workers in its payment assessment department with an IBM Watson artificial intelligence solution. The firm says the Watson system will improve productivity and save approximately 140 million yen ($1.21 million) per year. This is one of the first times we've seen a public announcement of how employees have been replaced as a direct result of artificial intelligence. Source