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Japanese insurer Mitsui Sumitomo will replace 90% of the work of sales and underwriting department with AI-algorithms

Japanese insurance company Mitsui Sumitomo Insurance has introduced artificial intelligence technologies for 90% of the administrative work of sales and underwriting department since 2018.
Japanese insurer Mitsui Sumitomo will replace 90% of the work of sales and underwriting department with AI-algorithms

Sales department of Mitsui Sumitomo has already started applying algorithms for routine tasks, including: responding to calls from customers and counterparts, processing of claims for insurance, sorting of letters and other administrative tasks implementation. It is planned that AI will take a fifth of the total workload of an employee.

To date, about 15 thousand employees of Mitsui Sumitomo are retrained for work in other divisions. In addition to sales, the employees, who become free from their previous duties, will focus on settling of claims, developing of new insurance programs and other areas, which cannot be automated.

Transition to AI technologies and algorithms is only part of the overall operational reforms of Insurance Group Holdings, a part of which is Mitsui Sumitomo. Other steps include integration of systems with a subsidiary Aioi Nissay Dowa Insurance. The company hopes to save $ 141 million per year.

Source: https://forinsurer.com/news/18/02/07/35784

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