Manulife this week announced the launch of a proprietary enterprise AI platform.
The Toronto-based financial institution, which has been developing in-house AI solutions for some time, stated this month that the launch marks a “significant milestone in the company’s journey to become AI-powered across its core operations.”
By providing a “common foundation for development and governance,” Manulife’s new platform will allow the insurance giant to scale AI solutions across markets, marking “the next stage of Manulife’s AI evolution.”
“We have already demonstrated that AI can deliver meaningful impact across Manulife,” says chief executive officer Phil Witherington, “from improving experiences for customers, agents, and colleagues to driving measurable business value.”
“The platform positions us to move beyond individual solutions to a shared enterprise capability that encourages and enables teams around the world to innovate, collaborate, and scale AI responsibly,” Witherington said.
“This is a critical next step toward our strategic priority to become a truly AI-powered organization,” he remarked.
Through things like run-rate expense reductions, top-line revenue uplift from AI-powered workflows, fraud reduction, and growth absorption, Manulife expects to generate $1 billion in cumulative enterprise AI value by 2027.
AI is “moving from isolated use cases to capabilities that will reshape how financial services are delivered,” posits Jodie Wallis, who functions as Global Chief Artificial Intelligence Officer for Manulife.
“Our AI Platform gives us the foundation to take proven ideas, scale them across our franchise, and create better experiences for customers, advisors, and colleagues,” Wallis commented.
“The opportunity is not just to work faster,” she said. “It is to remove friction, solve problems in new ways, and unlock value at a scale that was not previously possible.”
Shamus Weiland, Chief Technology & Operations Officer at Manulife, suggests that AI is “creating new opportunities for innovation across Manulife.”
“Our focus is on helping teams bring those ideas to life in a secure and responsible way,” Weiland says.
“Our AI platform creates a strong, centralized foundation that empowers our developers and data scientists to build once and scale globally, while maintaining the highest standards of security, governance, and responsible AI,” he stated.
Manulife is the number one life insurance company for AI maturity in the Evident AI Insurance Index.
In September, the firm became the first in Canada to offer travel insurance quotes within ChatGPT.
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