Two life insurance companies, Birla Sun Life Insurance and HDFC Life, recently rolled out their own versions of chatbots. First, there was robo-advisory for those looking for automated advice and a platform to invest in mutual funds (MFs), and now chatbots suggest insurance policies and answer customer queries. Customers of Birla Sun Life Insurance will be able to access the bot on its website as well as on Facebook. Similarly, addressing life insurance queries requires proper needs analysis and bots need to travel some distance before they achieve that.
It looks like the job automation trend is getting to Japan, bringing the country a step closer to a future of layoffs in favor of intelligent machines. Japanese firm Fukoku Mutual Life Insurance Co. is laying off more than 30 of its employees and is replacing them with artificial intelligence (AI) systems that will perform payout calculations for policyholders.