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AI takeover: Insurance firm replaces workers with artificial intelligence set to increase productivity by 30%

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Later this month, an insurance firm in Japan will be replacing more than 30 employees on their workforce with artificial intelligence. Fukoku Mutual Life Insurance is set to implement the robotic replacements, with a cost of 200m Yen (more than 1.7 million US dollars) by the end of the month. They estimate that they will have a 140m Yen savings per year using the artificial intelligence program. It can calculate payments to be made to clients 30 percent faster than it's human counterparts. Although the speed and efficiency will rise exponentially using AI, nothing can replace the warmth and compassion that can only come from having a human on the other side of the desk.