AI is giving insurers godlike powers, says Sompo chief
Artificial intelligence and cutting-edge data analysis software mean that underwriters can now make predictions about the weather, natural disasters and senile dementia that previously “only God knew about”, the president of one of Japan’s biggest insurance companies has claimed.
The bold assertion by Mikio Okumura, head of Sompo Holdings, comes as the company prepares to roll out Japan’s first dementia prevention insurance package — a product designed for the world’s oldest society and based on analysis of the heartbeats, appetite and sleeping patterns of thousands of nursing home residents.
The move by Sompo marks the latest insurance industry escalation of a battle to secure an advantage through tech. Okumura said this was an area of competition that would decide the survivability of individual companies as they moved away from their conventional business areas.
This story originally appeared on: Financial Times - Author:Eri Sugiura
