Manulife Tops Evident AI Index as the Leading Life Insurance Company

Manulife Achieves Top Ranking for AI Maturity in Life Insurance Sector



In a groundbreaking evaluation of artificial intelligence (AI) capabilities, Manulife Financial Corporation has been recognized as the leading life insurance provider in terms of AI maturity by the inaugural Evident AI Index for Insurance. The index, which assesses 30 of the top insurance firms across North America and Europe, placed Manulife not only at the forefront of life insurance but also within the top five overall in the broader insurance industry, showcasing its commitment to technological advancement.

Pioneering AI Inclusion



Phil Witherington, President and CEO of Manulife, expressed immense pride in this acknowledgment, stating, "We have been at the forefront of AI adoption and have invested significant resources over the years to integrate AI into our operations, resulting in substantive impacts on our business." This recognition comes at a pivotal moment when the insurance sector is experiencing rapid transformation due to technology.

The Evident AI Index evaluates AI maturity based on four critical categories: Talent, Innovation, Leadership, and Transparency. Manulife's success reflects its strategic investments in AI solutions, enabling better service delivery and enhanced operational efficiency. Jodie Wallis, Global AI Lead at Manulife, emphasized that the integration of AI is central to the company's operations worldwide, delivering noticeable benefits for clients and employees alike.

A Comprehensive Assessment



The Evident AI Index is a pioneering tool that benchmarks AI maturity across the life, property, and casualty insurance sectors, as well as reinsurance. It provides a holistic view of AI integration within the insurance landscape, empowering firms to understand their progress and identify areas for improvement. Alexandra Mousavizadeh, Co-CEO and Co-Founder of Evident, noted, "Manulife's performance is a testament to its extensive investment in AI, particularly in fostering leadership and transparency."

Commitment to Responsible AI Practices



One of the leading factors behind Manulife's performance is its adherence to the company’s Responsible AI Principles. These principles guide the integration of AI solutions across all departments and geographies within the organization. Karen Leggett, Global Marketing Lead at Manulife, reiterated the company's pledge to expand AI implementation and its transformative potential, "Our inclusion in the Evident AI Index for Insurance signifies that our AI initiatives are changing how we operate, creating valuable solutions across various sectors, and ultimately helping our clients lead longer, healthier, and more prosperous lives."

Future Outlook



Looking ahead, Manulife projects its digital investments, including AI enhancements, to deliver a threefold return on investment over the next five years, targeting over CAD 600 million in benefits in 2024 from its digital customer leadership initiatives.

Wallis is set to participate in the launch roundtable for the Evident AI Insurance Index on June 24, where discussions will further explore the implications of AI in the insurance sector. For those interested in gaining insights into Manulife's AI journey, registration details can be found on the Evident website.

In conclusion, the recognition by Evident not only underscores Manulife’s leadership in harnessing AI but also reflects a broader industry trend towards embracing technology for enhanced operational efficiency and customer service. As the industry evolves, Manulife is confident in its path towards achieving greater productivity and financial performance through the disciplined application of AI within its business model.

Topics Financial Services & Investing)

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