Jan 2021

Read the latest edition of AIR and MEIR as an Interactive e-book

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 
| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.


Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.