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Manulife's Journey to AI Leadership in Life Insurance

In a groundbreaking recognition, Manulife has emerged as the leading life insurance company in terms of artificial intelligence (AI) maturity, as evaluated by Evident’s inaugural AI index for the insurance sector. This achievement not only highlights Manulife's commitment to harnessing AI for improved operational efficiency but also underscores its leadership role in transforming the insurance industry.

Founded in Toronto, Canada, Manulife offers a broad range of financial services to individuals, groups, and corporations under various brand names, including John Hancock in the United States. The company's commitment to technology has resulted in significant integration of AI into its business processes, a move that has been recognized as a transformative strategy in the prevailing landscape of the insurance sector.

The Criteria for AI Recognition

Evident's index assesses the AI maturity of 30 leading insurance companies across North America and Europe. It evaluates elements in four key categories: Talent, Innovation, Leadership, and Transparency. This comprehensive analysis aims not only to rank the companies but also to provide insights into how they implement AI strategies across their operations. Manulife’s outstanding performance in categories such as Leadership and Transparency reflects the strong support and enthusiasm from its executive team and strategic investments in AI solutions.

Phil Witherington, the CEO of Manulife, expressed immense pride in this recognition: "We are incredibly proud to be acknowledged by Evident for our leadership in AI. We were among the pioneers in adopting AI and have dedicated years to integrate it into all our functions. As our industry stands at a turning point regarding AI adoption, today's recognition reassures us that Manulife is on the right track to grow, enhance productivity, and elevate our financial performance through principled and disciplined AI deployment."

AI: The Game Changer in Insurance

Manulife’s forward-thinking approach has solidified its status as a frontrunner in the insurance sector. By embedding AI at the core of its global operations, the company has significantly optimized its processes and created tangible value for its clients and employees. Jodie Wallis, Global Head of AI at Manulife, stated, "Being named the best life insurer for AI maturity illustrates the deep integration of AI across our operations globally. Our responsible deployment of AI yields results that benefit both our clients and colleagues every day. We take pride in having our commitment recognized by Evident."

Furthermore, Karen Leggett, Global Chief Marketing Officer, emphasized that this acknowledgment strengthens their dedication to deploying AI broadly: "The ranking of Manulife within the Evident AI insurance index confirms that our AI initiatives are transforming our operations, creating solutions that add value across the organization, and helping our clients live longer, healthier lives."

Anticipating substantial returns, Manulife expects its current capabilities and future investments in AI to generate returns equivalent to three times the capital invested over a five-year horizon ending in 2027. Moreover, the financial benefits accrued from their digital client leadership initiatives exceeded $600 million as of 2024, showcasing the impact of their strategic investments.

Outlook for Impactful AI Deployment

The Evident AI Index not only highlights the companies leading in AI but serves as a beacon for the entire industry. Alexandra Mousavizadeh, co-founder and co-CEO of Evident, noted, "Our index showcases insurers deploying AI, setting the standard for the industry, which is precisely what Manulife does as the foremost life insurer. Its exceptional results, particularly in Leadership and Transparency, are a testament to Manulife’s extensive investments over the years in AI deployment across the organization."

Conclusion

As Manulife continues to build on its AI capabilities, the company remains committed to responsible advancements that will benefit both its clients and stakeholders. With a clear focus on innovation and leadership, Manulife is not merely adapting to the future of insurance but actively shaping it. Staying true to its mission of empowering clients to make better financial decisions, Manulife is well-positioned to set new benchmarks in the sector, making strides toward a smarter, more efficient insurance landscape.

For media inquiries or additional information, please visit Manulife’s website.