June 21, 2018 09:45
Photo : Freepik
Manulife will use now the artificial intelligence in its ratemaking process, has announced the insurer. The company claims to be the first life insurer to use a program decision algorithms for the pricing of applications by means of artificial intelligence, and will speed up the process, supports Manulife.
“This tool takes advantage of many years of pricing data and increased capacity in the internal analysis of Manulife in order to accelerate the process of underwriting basic life insurance for many Canadians, a key element to bridge the protection gap in Canada “, adds the insurer.
“By simplifying the insurance buying process and making it more attractive, we see a lot of opportunities in Canada,” explains Alex Lucas, head, individual insurance.
Back on the market for whole life with participation
By the same token, Manulife announced its return to the market to whole life insurance with participation with the launch of the product Life Manulife. The insurer says it wants to meet the demands of advisers and clients, and hopes to gain share of this market. The products whole life participating account for more than half of insurance sales in Canada, according to data from LIMRA.
“We expect not only a solid growth from our new product Life Manulife with participation and our program Manulife Vitality recently expanded, but also efficiency gains. These will be the result of the launch of our new tool of artificial intelligence for pricing, that will significantly reduce the processing times associated with many of the demands of our customers, ” concluded Mr. Lucas.