Artificial intelligence insurance technology replaces 34 human staff members

artificial intelligence insurance technology

In Japan, an insurance company has laid off a number of people, replacing them with an AI system. In a move that sounds as though it was plucked straight out of a science fiction novel, a Japanese insurer has used AI insurance technology to replace 34 human staff members. The company has started laying off its employees who have been replaced with an artificial intelligence system. The company in question is Fukoku Mutual Life Insurance. The employees were replaced by the insurance technology which is capable of calculating insurance payouts…

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Veruna Launches, Delivering Dynamic, Flexible Technology to Empower Insurance Agencies

Independent insurance agencies have suffered through restrictive agency management technologies for decades. The launch of Veruna marks a new beginning and new approach to the technology backbone of insurance agency management. Veruna has already grabbed the attention of the insurance industry by winning the 2016 ACORD Insurance Innovation Challenge, an annual insurance technology competition that identifies significant and sustainable innovation for the insurance industry. The company is also a recipient of a 2016 ACORD Leadership Award, a prestigious honor that recognizes those who have gone above and beyond in guiding…

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Enservio rolls out ContentsAnalyzer Fraud Detection Solution for Insurers

  First fraud detection system that scores at the claim-line level during claims processing NEEDHAM, Mass. – September 14, 2015 – Enservio, Inc. today introduced ContentsAnalyzer™, the industry’s first and only fraud detection solution that identifies and scores fraudulent claim items at the individual line item level in real-time as claims are processed. Available as a monthly service subscription, ContentsAnalyzer targets soft or opportunistic fraud for home contents claims relating exclusively to theft. The anti-fraud tool will eventually support modules to detect fraudulent insurance claims as it pertains to other…

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Insurance news is featuring wearable technology at an increasing rate

smartwatches insurance news wearable technology

Many are predicting that wearables could provide the industry with some considerable shakeups. Although the term wearable technology was virtually unrecognized in the mainstream public only a year or two ago, it has now reached the point that it is making regular insurance news headlines because it looks as though it will become popular enough to give the industry quite a shakeup. There are many different kinds of wearables – from smartwatches to smartglasses – that are becoming commonplace. Not too long ago, these devices were seen as something that…

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Apple and IBM launch an app that could help the insurance industry

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New application could be a valuable tool for insurance companies that want to engage mobile consumers The insurance industry may benefit from better mobile apps that can engage consumers that are becoming more reliant on mobile technology. As such, IBM and Apple have partnered to introduce their new Retention application, which may be the first of many apps that begin to emerge in the insurance sector. The partnership is meant to leverage the strengths of both IBM and Apple, providing the industry with better mobile solutions to engage consumers. Retention…

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The Insurance Industry and Technology

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The insurance industry has long been wrestling with ways to engage and retain customers. Like any business, insurance companies have to evolve with changing times and the way that consumers interact with one another and how they choose to interact with companies. Technology has become one of the most powerful forces in the world and insurers are having trouble adapting to this fact. Throughout the insurance industry, companies are beginning to adopt new business strategies that are based on the use of new technology. Some of this technology has to…

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Insurance industry must take the digital age seriously

mobile business insurance industry

Report highlights the changing behavior of consumers around the world Improving digital engagement may be the key to success for the insurance industry, according to a new report from PwC. Consumers throughout the world are becoming more digitally oriented, relying on the online realm to conduct their daily lives. These people shop online, communicate with their loved ones online, and even work online, and if the insurance industry cannot cater to the changing needs of digital consumers, it may risk losing its ability to engage customers effectively. Consumers are favoring…

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