Japanese insurance firm replaces 34 staff with AI

Science fiction has long imagined a future in which humans are ousted from their jobs by machines. For 34 staff at a Japanese insurance firm, that vision just became a reality. Fukoku Mutual Life Insurance is laying off the employees and replacing them with an artificial intelligence (AI) system that can calculate insurance payouts. The firm believes it will increase productivity by 30%. It expects to save around 140m yen (£979,500 / $1.2m) a year in salaries after the 200m yen AI system is installed later this month.