The idea that artificial intelligence (AI) will replace humans in their jobs is already present. Japanese insurer Fukoku Mutual Life Insurance has announced that it will replace 34 of its employees with an IBM-based Watson based AI system.
The new AI system will work in the insurer’s payment evaluation department, reading various documents, such as reports and medical records, surgical and hospitalization data, etc .; To calculate the payments to the insured.
So far, 131 employees have been reading these documents, working in more than 130,000 cases a year, but 34 of them (about 26% of the department’s staff) will be dismissed in March, following the incorporation of Watson .
With the change, Fukoku Mutual Life Insurance expects to increase productivity by 30% and achieve investment gains in less than two years.
The Japanese insurer estimates that it will save about 140 million yen a year after the installation of the IA system, which will cost 200 million yen. Subsequently, keeping it will cost about 15 million yen a year.
Without doubt, the installation of the AI system will speed up the reading of the documents and the calculation of the money that corresponds to each insured. However, for the time being, the Japanese insurer will not pay the amounts calculated by Watson until they have been reviewed and approved by a member of the company’s human staff.
Fukoku Mutual Life Insurance is not alone in this: another Japanese insurer, Post Insurance, has already shown an interest in AI; And Dai-Ichi Life Insurance has already incorporated a Watson-based system to evaluate payments, but without firing anyone.
According to a report published in 2015 by the Nomura Research Institute, in 2035 robots will be able to perform about half of all jobs in Japan.
And not only in Japan. According to several experts, the trend will be similar in the rest of the world and will spread rapidly.
A study by the World Economic Forum predicted last year that the boom in robots and AI will lead to a net loss of 5.1 million jobs over the next five years in 15 countries.