Manulife Innovates with Adaptive ML to Enhance AI Solutions

Manulife Embraces Adaptive ML for Enhanced AI

In a notable move towards advancing its artificial intelligence (AI) capabilities, Manulife has announced a strategic partnership with Adaptive ML, a New York-based firm specializing in reinforcement learning technologies. This collaboration serves to enhance Manulife’s proprietary AI platform through the real-time optimization of its model technologies, substantially improving business performance.

The Collaboration

The focus of this partnership is on integrating Adaptive ML’s advanced capabilities into the operational framework of Manulife. Specifically, Adaptive ML provides a robust reinforcement learning engine designed to fine-tune, evaluate, and implement small language models for enterprise applications. This usability is not restricted to general AI models but is aimed at developing tailored solutions that significantly boost client experience and operational efficiency.

According to Jodie Wallis, Manulife’s Global AI Lead, the integration will allow the company to rapidly adjust its AI offerings, ultimately generating added value and an improved customer experience. The Adaptive Engine is particularly adept at learning and iterating upon AI models in real-time, adjusting for business-specific objectives, which leads to greater precision and efficiency over time.

Benefits to Manulife and Its Clients

This partnership signifies a commitment to innovative solutions. It positions Manulife at the forefront of the AI industry, enabling the deployment of specialized language models tailored to their unique needs. The multi-year agreement will initially focus on practical applications such as automating quote underwriting, executing complex processes, and providing guidance to sales professionals, laying the groundwork for a scalable and expeditious implementation of AI in their operations.

Julien Launay, CEO of Adaptive ML, remarked on the importance of Manulife's initiative, emphasizing that this collaboration represents a benchmark for how regulated industries can adopt AI responsibly and effectively. The specialized approach to AI development promises not only improved reliability but also cost efficiencies across Manulife’s global operations.

Commitment to Responsible AI

Manulife’s alliance with Adaptive ML also reinforces its dedication to Responsible AI and sustainability. This commitment is reflected in their publicly available Responsible AI Principles, highlighting the importance of minimizing energy consumption while maintaining peak performance within their AI operations. By leveraging small language models and an enhanced fine-tuning engine, Manulife aims to achieve energy efficiency as a cornerstone of its AI strategy.

Shamus Weiland, Manulife’s Chief Information Officer, reiterated the company’s resolve, stating, "Integrating AI into nearly every segment of our business allows us to harness the power of Adaptive ML, helping us to expedite processes and reduce challenges for our customers. We are committed to providing our teams with innovative and progressive tools that facilitate reliable, scalable solutions while simultaneously adding value."

In terms of recognition, Manulife recently earned the title of the number one life insurance company for AI maturity in the inaugural Evident AI Index for Insurance. This accolade underscores the company’s relentless pursuit of innovation and customer-centric solutions within the financial sector.

Investing in AI Development

Since 2016, Manulife has strategically invested in enhancing its AI capabilities, and this latest partnership marks another significant leap forward. As a leader in the financial services industry, leveraging AI effectively is critical for sustaining competitiveness in a rapidly evolving technological landscape.

In conclusion, Manulife's collaboration with Adaptive ML is set to redefine the AI landscape within the insurance industry, heralding an era where intelligent solutions not only enhance operational efficiency but also dramatically improve the customer journey. With a firm foundation built on responsible AI principles and a commitment to innovation, Manulife continues to set benchmarks in the financial sector.