According to Japanese publication The Mainichi, Fukoku Mutual Life Insurance is replacing more than 30 staff by using IBM Watson cognitive computing software to read medical documents that are used to assess payments. The robots will calculate payment amounts but final decisions will continue to be made by a human.
But it is not just the financial service sector jobs market being transformed by technologies such as AI and automation. According to Deloitte, all sectors of the economy will be affected by automation in the next 20 years, with 74% of jobs in transportation and storage, 59% of jobs in wholesale and retail, and 56% of jobs in manufacturing having a high chance of being automated.
The research by Deloitte found that around 16% of total public sector jobs could be automated by 2030 as automation technology evolves while public sector budgets recede.