Tag: japanese insurance industry

Artificial intelligence insurance technology replaces 34 human staff members

Marc
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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The insurance industry in Japan offers unique Valentine’s Day coverage

Julie Campbell
Insurance agents industry valentine's day

This product is available for consumers in the country who want to make certain that they’re covered on the day. In Japan, the insurance industry is helping people to lower their risk of coming up empty handed on Valentine’s Day, with a new policy that is designed to ensure that policyholders always have something to receive on the most romantic day of the year. Consumers who purchase this policy will never find themselves without a box of chocolates. This unique addition to the insurance industry in Japan is designed to…

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Thailand floods could cost the global insurance industry $10 billion

Devastating floods in Thailand may have a global impact, according to insurers. Thailand is a critical point in the global supply chain, says Gary Lynch, head of supply chain risk at Marsh Risk Consulting. Widespread flooding has closed more than 14,000 businesses, including distribution centers for Sony, Canon and Nissan. The disruption in the supply chain could have far reaching consequences in the U.S., the UK and throughout Europe. Lloyd’s of London is now petitioning Thailand insurance and risk firms to assess the risk exposure they see in the nation.…

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Thai floods bring insurance claim predictions to $13 billion

Bangkok is now facing the worst floods that it has seen in many decades, forcing hundreds of factories to keep themselves shut in around the city and impairing global supplies, in addition to leading to billions of dollars in insured losses. It is predicted that Japanese insurers will face the brunt of these claims. The flooding in the country is being caused by the slow runoff from the rainy season which is progressing southward from the plains located north of Bangkok. Over the last three months, there have been approximately…

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