It is noteworthy that the company does not plan to reduce staff and is going to transfer the vacated employees to the sales department.
Advantages of automation for the insurance company are obvious: artificial intelligence algorithms will perform sorting of documents, respond to customer requests, process applications and deal with other rather dull deeds. At first, it is planned to give the AI a fifth of the total burden that a person previously took on himself.
While preparations for the implementation of AI are in full swing, about 15 000 employees, previously engaged in sorting letters and other similar tasks, have already begun to undergo retraining - some of the released employees are planned to be transferred to sales, while the rest will take new places in the quality control departments and develop new insurance programs. In addition, the released employees are involved in other positions, where AI cannot replace a person.
In its example, Mitsui Sumitomo Insurance shows that introducing AI does not necessarily have to fire valuable employees - the world is still full of professionals that artificial intelligence could not master.
The Company hopes to save about USD 141 million per year through the use of AI.
Mitsui Sumitomo Insurance Group is a Japanese insurer providing insurance services on the international market including Asia, Europe, Australia and Oceania. Mitsui Sumitomo Insurance Group provides insurance both to physical persons (motor insurance, pension insurance, property insurance and accident insurance) and legal entities.
Today Mitsui Sumitomo Insurance Group is one of the biggest insurers in Japan with a huge number of subsidiaries throughout the world and with 20 000 employees. Total assets amount is approximately USD 100 billion and its annual profit - USD 250 million.
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