We have known that robots have started to take over some jobs in different parts of the world. No matter how hard the government tries to convince us that we should not worry, we can't help it. What would happen to us if one day our job or skill that we've worked on for years, will be one day snatched by AI? We can't help but feel insecure. But we're hoping for the best.
It seems, AI is truly and gradually stealing human occupations. One insurance company in Japan has just replaced its 34 human employees with a system ran by artificial intelligence.
Fukoku Mutual Life Insurance says thank you and good bye to its workers this January. The company will be replacing them with “IBM Watson Explorer.”
Sounds like an ugly start to those unfortunate 34. But we'll never know.
According to reports
, Fukoku Mutual will spend $1.7 million (200 million yen) in installing the system. Additionally, they have to reserve $128,000 a year for its maintenance.
Massive figures, yes. But the company will actually save around $1.1 million per year on employee salaries. Meaning, great return on the investment can be expected in less than two years!
Using IBM Watson Explorer, the company will improve its productivity to 30%, Fukoku Mutual says. According to Mainichi,
three more insurance companies are planning on implementing the same system.
According to assumption from Harvard Business Review, knowledge-based jobs, like insurance and financial services, will most likely be replaced by AI because these are “composed of work that can be codified into standard steps and of decisions based on cleanly formatted data.”
“Almost all jobs have major elements that—for the foreseeable future—won’t be possible for computers to handle,” HBR writes. “And yet, we have to admit that there are some knowledge-work jobs that will simply succumb to the rise of the robots.”
Well, if ever it becomes true that robots will take over jobs all over the world, we're hoping Universal Basic income will help humanity get through expenses and leisure activities.