Japan: Mitsui Sumitomo taps AI to analyse creditworthiness
Source: Asia Insurance Review | Aug 2018
Japan InsurTech
Mitsui Sumitomo Insurance will analyse companies’ financial statements with artificial intelligence (AI) in tests aiming to reduce the time it takes its employees to assess firms’ creditworthiness, reported The Mainchi.
Mitsui says this will be the first time that the insurance sector has used AI in such evaluations.
Mitsui hopes the analysis will be useful when underwriting performance bond insurance that construction companies and other firms take out for public works contracts.
The insurance company usually receives about 60,000 applications for such insurance each year. Mitsui says that in about 10% of these applications, it takes significant time to assess firms’ creditworthiness, as the cases often involve high operation costs and companies with multiple contracts. A