Manulife Recognized for AI Maturity Leadership in Life Insurance Sector

Manulife Achieves Top Ranking for AI Maturity



In a significant milestone for the insurance industry, Manulife Financial Corporation announced it has been named the top life insurance company for artificial intelligence (AI) maturity in the Evident AI Index for Insurance. This inaugural assessment places Manulife not only at the forefront of the life insurance sector but also among the top five across the entire insurance landscape, showcasing its commitment to innovative tech adoption.

The Evident AI Index evaluates the AI maturity of major insurance firms across North America and Europe, focusing on four pivotal categories: Talent, Innovation, Leadership, and Transparency. This analysis covers 30 prominent insurance companies, making Manulife's achievements all the more impressive. The company prides itself on being among only three firms to appear in the top 10 in each category evaluated.

Phil Witherington, President and CEO of Manulife, expressed immense pride in this recognition. He emphasized that their early adoption and integration of AI technology is central to delivering transformative customer experiences. "At a time when our industry is experiencing a true inflection point for AI adoption, today's recognition provides confidence that Manulife is on track to derive tangible growth, increased productivity, and financial performance gains through principled and disciplined deployment of AI across our business," Witherington stated.

Noteworthy is the performance of Manulife in the Leadership and Transparency categories, which highlights robust enthusiasm and commitment from executive leadership towards AI initiatives. Jodie Wallis, Manulife's Global Chief AI Officer, elaborated on their strategy, stating, "We've integrated AI into the heart of our operations across the globe, delivering meaningful impacts through responsible and functional AI deployments that drive results for both customers and colleagues."

The Evident AI Index also reflects the investments made by Manulife in developing AI capabilities. Alexandra Mousavizadeh, Co-CEO and Co-founder of Evident, affirmed that Manulife's strong performance illustrates its genuine efforts in scaling AI capabilities and setting industry benchmarks.

As a forward-thinking organization, Manulife anticipates that its digital investments, including AI enhancements, will yield a remarkable threefold return on investment over the next five years, with projected benefits exceeding $600 million in 2024 alone from its global digital customer leadership initiatives.

Looking ahead, Manulife is preparing to share insights at the upcoming Evident AI Insurance Index Launch Roundtable on June 24, inviting participants to explore the implications of AI in the insurance sector. The full report of the Evident AI Index, alongside its methodology, can also be accessed through their platform.

This recognition from the Evident AI Index not only validates Manulife’s AI journey but also reinforces its commitment to shaping a better future by leveraging advanced technology. The integrity and commitment to responsible AI are set to enhance customer experiences, supporting the company's mission to help customers lead longer, healthier, and wealthier lives.

To learn more about Manulife's advancements in AI and digital strategies, visit manulife.com/AI.

Topics Financial Services & Investing)

【About Using Articles】

You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.

【About Links】

Links are free to use.