Manulife accelerates AI expansion in Asia
Manulife accelerates AI expansion in Asia | Insurance Business Asia
Technology
Manulife accelerates AI expansion in Asia
Latest initiatives revealed
Technology
By
Roxanne Libatique
Manulife is advancing its deployment of generative artificial intelligence (GenAI) across key markets in Asia, aiming to boost operational efficiency and improve customer service.
The company recently showcased these initiatives at its Investor Day, with a particular focus on integrating AI into processes within Singapore.
This expansion marks part of a larger regional strategy to capitalise on AI’s potential in optimising business functions and improving the customer experience.
Manulife GenAI initiatives
Manulife said it seeks to strengthen its position as a leader in AI-driven innovations within the insurance sector, leveraging advanced technology to refine how it delivers services.
Karen Leggett, global chief marketing officer at Manulife, confirmed that GenAI is playing a critical role in the company’s ongoing transformation, driving efficiencies and unlocking new growth opportunities.
“GenAI is accelerating our transformation, driving growth, and highlighting innovative opportunities to drive efficiency across our organisation,” she said.
She said the investments in data, cloud technology, and talent are enabling the company to enhance engagement with customers and scale its AI capabilities across the business.
AI to improve customer service and speed of operations
Manulife is implementing GenAI in its contact centres to improve customer interactions by automating routine tasks such as summarizing calls, analysing trends, and performing contract lookups. The rollout of these AI-driven enhancements is expected to begin in Singapore later this year.
By using AI, the company aims to reduce the time required to respond to customer queries and improve the accuracy of information provided, thereby streamlining its customer service operations.
AI tools transforming sales and underwriting
In addition to customer service enhancements, Manulife has introduced two AI initiatives designed to support its sales agents and underwriters in Singapore.
The Sales Agent Enablement Tool uses AI to provide agents with personalised insights about customer preferences, helping them tailor their interactions based on engagement data, life stages, and other relevant factors. Since its launch to 2,000 agents in Singapore earlier this year, the tool has enabled agents to have more targeted and meaningful conversations with clients. Expansion into Japan is scheduled for later this year.
Manulife is also using AI to enhance its underwriting process with the introduction of an Underwriting Assistant. This GenAI-powered tool helps underwriters by automating document analysis and summarisation, potentially reducing processing times for high-net-worth products from five days to three. The underwriting tool is set to go live in October 2024 and aims to increase both speed and accuracy in underwriting decisions.
Mark Czajkowski, chief analytics officer for Asia and chief marketing officer of Manulife Singapore, said the AI-driven tools in Singapore are expected to enhance customer interactions by offering faster, more personalised service while improving the efficiency of the company’s underwriting processes.
“The launch of these AI-driven tools in Singapore will significantly improve customer interactions by providing faster, more accurate, and personalised service,” he said.
Commitment to responsible
As part of its AI strategy, Manulife has introduced Responsible AI Principles, which are designed to guide the company’s ongoing AI initiatives and ensure alignment with evolving regulations and industry standards. These principles will help Manulife deliver AI solutions that benefit customers, employees, and stakeholders while maintaining ethical standards in its AI deployment.
Looking ahead, Manulife plans to continue expanding the use of AI across its operations, refining its tools to further support its workforce and enhance customer service across Asia. These developments are part of Manulife’s long-term commitment to digital transformation and operational leadership in the region.
GenAI adoption trends in Asia
Manulife’s growing investment in AI reflects broader trends in the Asia-Pacific region, where GenAI adoption continues to rise.
In Asia, organisations are allocating more resources to AI initiatives as part of their broader IT spending, with a focus on digital transformation and cloud services. While some industries, such as technology and finance, have been quicker to adopt AI, others like energy and tourism are lagging behind.
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