Sumitomo Life Insurance is embracing artificial intelligence (AI) to enhance support for its sales agents amidst evolving regulations in Japan’s insurance sector. Following a ban on employee secondments by the General Insurance Association of Japan (GIAJ), the company aims to modernize operations and improve efficiency using AI tools. Generative AI systems could replace traditional support roles, enabling agents to manage administrative tasks and client interactions more effectively while adhering to regulatory frameworks.
The shift comes in response to past scandals leading to increased scrutiny from the Financial Services Agency (FSA). Projections indicate Japan’s life insurance market could grow to $371 billion by 2029, driven by insurtech advancements. Companies like Tokio Marine are already leveraging global AI partnerships to enhance operational efficiency. Sumitomo Life’s AI strategy represents a dual approach—compliance and modernization—in a rapidly changing landscape, ultimately aiming to improve service delivery for a diverse clientele.
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