Ladder Life Launches
Recap: Digital life insurance product is now fully available in the state of California.
- Buyers can qualify within minutes for policies that go up to $8 million
- Ladder charges no annual policy fees
- All policies produced by Ladder are ultimately reinsured by the trusted financial backing of Hannover Re US
Fukoku Mutual Life Insurance is replacing 34 human insurance claim workers with “IBM Watson Explorer,” starting by January 2017
Recap: The AI will scan hospital records and other documents to determine insurance payouts, according to a company press release, factoring injuries, patient medical histories, and procedures administered. Automation of these research and data gathering tasks will help the remaining human workers process the final payout faster, the release says.
- Fukoku Mutual will spend $1.7 million (200 million yen) to install the AI system, and $128,000 per year for maintenance, according to Japan’sThe Mainichi.
- The company saves roughly $1.1 million per year on employee salaries by using the IBM software, meaning it hopes to see a return on the investment in less than two years.
- Three other Japanese insurance companies are testing or implementing AI systems to automate work such as finding ideal plans for customers
- Watson AI is expected to improve productivity by 30%, Fukoku Mutual says
- The company was encouraged by its use of similar IBM technology to analyze customer’s voices during complaints