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Manulife's Responsible AI Principles at the Reuters Momentum AI Summit

In an ever-evolving landscape of artificial intelligence (AI), organizations face the imperative to implement ethical practices in their AI initiatives. At the recent Reuters Momentum AI Summit held in New York, Manulife, a renowned financial services provider, took a bold step in this direction by unveiling its Responsible AI Principles. These principles serve as a guiding framework for how the company designs, develops, and deploys its AI technologies.

Importance of Responsible AI in Today's World

With more than 43 Generative AI use cases in operation as of the first quarter of 2025, along with a robust pipeline of over 450 new ideas in evaluation, Manulife seeks to drive value not just for its stakeholders but for society at large. The AI landscape is changing rapidly, and with it comes the responsibility of ensuring that innovations align with ethical standards and community expectations.

Jodie Wallis, the Global Chief Analytics Officer of Manulife, emphasizes the commitment to ethical AI use when she states, “As organizations increasingly rely on AI, being committed to responsible AI use is paramount and Manulife is proud to be a responsible AI steward.” This sentiment was echoed throughout the summit, emphasizing the importance of keeping pace with technological advancements while remaining steadfast in ethical practices.

Manulife's Responsible AI Principles

The core principles established by Manulife include:
1. Ethical Alignment: Manulife is dedicated to utilizing data and AI in ways consistent with its Code of Business Conduct and Ethics, while also adhering to its Impact Agenda.
2. Safety First: The company prioritizes the safety of its customers and colleagues through robust governance processes.
3. Sustainability Commitment: Striving for a sustainable future, Manulife is focusing on energy-efficient AI solutions and partnerships with like-minded organizations.
4. Bias Mitigation: The organization aims to develop AI solutions that are free from biases, transparent, and accountable.
5. Empowerment through Education: Manulife seeks to enhance the skills of its workforce, understanding the importance of human agency in an AI-enabled future.
6. Collaborative Growth: By engaging with industry experts, Manulife aims to evolve its approach to Responsible AI continuously.

Wallis highlighted the firm's commitment to harnessing AI in alignment with these principles, ensuring that AI's utility is maximized while safeguarding individual privacy and data.

Investing in AI Capabilities

Since 2016, Manulife has been significantly investing in its AI capabilities, resulting in considerable advancements in analytics and AI applications. The firm boasts approximately 200 data scientists and machine learning engineers and offers global access to generative AI tools for all its employees. Furthermore, Manulife has rolled out a GenAI skills-building program designed to educate colleagues on AI technologies, emphasizing the need for a knowledgeable workforce capable of implementing AI ethically.

Karen Leggett, the Global Chief Marketing Officer, also commented on the importance of these efforts, stating, “GenAI is enabling us to better serve our customers, find innovative ways of working, and accelerate our ambition of becoming the most digital customer-centric company in our industry.”

The Future of Manulife and AI

Looking ahead, Manulife is optimistic about its AI investments, predicting a threefold return on investment over the next five years as part of its digital strategy. In 2024 alone, the firm projected generating over $600 million in benefits from its global digital customer leadership initiatives. These initiatives encompass expense reductions, revenue generation, and the overall growth of insurance-related businesses.

The momentum generated by the Reuters Momentum AI Summit provides a vital platform for ongoing discussions about ethical AI usage in the financial sector. In a world increasingly shaped by digital technology, Manulife aims to set the standard for responsible AI practices, illustrating how businesses can leverage innovation while remaining committed to ethical governance.

For more insights on Manulife's AI journey, visit manulife.com/AI.