Manulife Reaps Benefits from AI Rollout
Canadian insurer Manulife is already experiencing some of the gains from artificial intelligence and it plans to generate a threefold return on tech investments over five years.
Manulife has rolled out generative artificial intelligence (AI) capabilities to its full workforce with an engagement rate of 75 percent, according to a statement.
There have been more than 350 genAI use cases deployed across Canada, the US and Asia, such as ChatMFC, the firm's proprietary genAI assistant introduced in 2024. Examples of use cases include real-time translation into nine languages, a sales tool that provides personalized insights to advisors and genAI-powered solutions that support over 110 million calls annually.
Digital Gains
Manulife expects its digital capabilities, including AI-enabled enhancements, to generate a threefold return on investments over five years through 2027. In 2024, it had already realized C$600 million ($419 million) of related benefits from digital initiatives. These gains came from expense saves, growth absorption, revenue benefits and new business growth.
«AI is transformative, and it is creating efficiencies for how we work, create, and interact with one another,» said Jodie Wallis, global chief analytics officer, Manulife.
«By equipping our teams with GenAI tools, we’re enabling them to work smarter, move faster, and make a bigger impact. We’ve doubled our AI-driven impact by diversifying and expanding solutions, strengthening data and AI platforms, and practicing responsible AI governance, proving that our teams see real value.»
