AI replaces insurance agents? Sumitomo Life hands contracts to AI
Part of composite article AI Is Quietly Taking Over Factories, Insurance Desks, and Even Phone Calls View full article →
Sumitomo Life, a major Japanese insurer, will use artificial intelligence to write custom insurance contracts, the company announced.
The AI system will design policies tailored to each customer, replacing a process that until now required human agents to draft terms by hand.
Sumitomo Life says the technology will cut the time needed to prepare a contract and reduce errors. Details on cost and launch date were not disclosed.