You are here
Insurance 

“The advent of digital is to have an industrial revolution,” said Richard Payette

by

Justine Montminy

November 14, 2018 09:30

Richard Payette | Photo : canadian club of Montreal

Manulife is determined to become a leader in digital, wants to make innovation a state of mind, while ensuring that the human is at the heart of change. This is what was said Richard Payette, president and chief executive officer, Manulife Québec, at a conference at the canadian club of Montreal.

Insurers have the choice to undergo the change, or adapt, according to the president. “You come from a rather conservative, but a sector that is expected to evolve. The world saw a transformation. This is not a revolution of the status quo. It is an industrial revolution. “

Mr. Payette adds that this is not enough to make a few changes and go back to business as usual, since customers expect more. It is important to act pro-actively, ” he adds.

“Manulife has made the choice to embrace these challenges with an ambitious approach and with boldness. We describe now as a digital business focused on the needs of the client. It means responding to their expectations that change. They want a service that is personalized and also want to have control of the relationship, ” said Richard Payette.

The technology and innovations as “keystone”

The digital revolution has the technology and innovations as key to the vault. “It leaves no side detail and no aspect of our organization is no exception. The technology is at the heart of everything we do, ” says Mr. Payette.

It gives as an example the new platform for retirement planning, launched by Manulife this year that uses artificial intelligence to determine the needs of long term customers and the Vitality programme, which rewards policyholders who adopt a healthy lifestyle.

The insurer has also significantly reduced its paperwork. “Our industry is known for the many forms. We have managed to digitize more than 2000. In September, we have reached a million transactions processed by our robots. By 31 December, it is expected that this figure then doubles to two million, ” says Mr. Payette. He adds that the result of this digitisation has resulted in a decrease of 20 % of the calls for mere formalities and an increase in the rate of satisfaction of the customers.

Related posts

Leave a Comment