Artificial Intelligence in Insurance
I read with interest an article passed along to me, ‘Artificial intelligence to replace human staff at Japanese insurance company‘.
The article explains that a Japanese insurance company will be replacing more than 30 workers with artificial intelligence robots in a hope to increase productivity by 30%.
The robots will perform many day to day tasks however final payments will still be processed by human staff.
What is the impact of this on the Australian industries?
According to a projection by the World Economic Forum an estimated loss of 5.1 million jobs over five years in 15 of the world’s leading economies. Professional services are a big target for robots and machine learning to take over the day to day routine tasks.
While I would not call myself a Luddite, I am not sure I nor many insured’s are quite ready to allow artificial intelligence look after something as important as my insurance program or all but the simplest of claims.