Meiji Yasuda to Use AI in Underwriting, Asset Biz

Tokyo, Jan. 3 (Jiji Press)--Japan's Meiji Yasuda Life Insurance Co. will utilize artificial intelligence technologies in insurance underwriting and asset management operations, President Akio Negishi has said. "From 2018, we'll check in earnest the workability" of AI technologies, Negishi said in a recent interview, also showing his readiness to use robot technologies in some administrative work. Meiji Yasuda expects that its office work staff will decrease by 10 pct over the coming 20 years mainly due to the retirement of baby boomers. The company hopes to cover the decrease chiefly by enhancing its productivity through the use of AI technologies, Negishi said. But he denied the idea of reducing jobs following the introduction of AI technologies, saying that his company "will let people and machines work in harmony." In fiscal 2018, which starts in April, Meiji Yasuda will release foreign currency-denominated insurance products requiring monthly premium payments and products to prepare for the risk of becoming unable to work temporarily due to illness and other reasons. Currently, the overseas operations earn 7 pct of Meiji Yasuda's overall profits. The company aims to double the share to 15 pct in 10 years. Regarding the target, Negishi said his company will consider acquiring foreign businesses through U.S. subsidiary StanCorp Financial Group Inc. END