2026-10-14 · Source: Insurance Business Canada
Summary in 3 Points • Manulife's new AI platform aims to generate $1 billion in cumulative enterprise value by 2027. • The platform allows for faster development of AI tools while ensuring compliance with regulatory requirements. • Quick Quote, an AI tool for life insurance, automates preliminary assessments, streamlining the underwriting process. --- Manulife has launched a proprietary enterprise AI platform designed to enhance collaboration and innovation across its global operations. This platform is expected to generate $1 billion in cumulative enterprise value by 2027, with $300 million anticipated by the end of 2025. The platform integrates tools like Quick Quote, which automates parts of the life insurance assessment process, thereby reducing manual paperwork and improving efficiency for advisors and customers. The governance model of the platform allows for tools to be approved once and reused across different markets, which can significantly shorten development times. However, this efficiency comes with the need for careful management of model risk, as regulators are increasingly scrutinising how financial institutions oversee AI applications. The implications for the London Market could include shifts in underwriting processes and claims management as firms adopt similar AI capabilities to enhance operational efficiency and compliance. Manulife's AI platform could influence underwriting processes in the London Market, particularly in life insurance, by streamlining operations and enhancing compliance.
Manulife's AI platform could influence underwriting processes in the London Market, particularly in life insurance, by streamlining operations and enhancing compliance.