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Genai At Manulife

The adoption of GenAI at Manulife has the potential to drive significant benefits across various aspects of the business. Some of the key advantages include:

| Business Unit | GenAI Application | Expected Impact | | :--- | :--- | :--- | | | Automated Underwriting: LLMs summarize attending physician statements (APS) and paramed reports into risk assessments. | Reduce underwriting turnaround from days to hours; improve straight-through processing rates. | | Group Benefits | Intelligent Claims Adjudication: GenAI extracts relevant diagnosis codes and treatment plans from unstructured medical notes against policy wording. | Cut manual claims review time by 60%; reduce leakage due to human error. | | Wealth & Asset Management | Personalized Financial Summaries: Generate plain-English summaries of complex prospectuses and quarterly statements tailored to a client’s reading level and language. | Increase client engagement; reduce call center queries on “what does this mean?” | | Customer Service (Contact Center) | Agent Co-pilot: Real-time summarization of customer calls, suggested responses, and next-best-action prompts based on policy history. | Improve first-call resolution; reduce average handle time; boost CSAT. | | IT & Operations | Code Migration Assistant: GenAI tool (e.g., Manulife internal GPT) to refactor legacy COBOL to modern Java/Python for core systems. | Accelerate cloud migration; reduce technical debt. | genai at manulife

GenAI, short for Generative AI, refers to a type of AI that uses machine learning algorithms to generate new, synthetic data that resembles existing data. This technology has the potential to unlock new insights, automate complex processes, and create innovative products and services. GenAI is a subset of AI that uses generative models, such as Generative Adversarial Networks (GANs) and Variational Autoencoders (VAEs), to produce novel, realistic data that can be used to augment or replace traditional data sources. The adoption of GenAI at Manulife has the

| Metric | Baseline (Pre-GenAI) | Target (Year 2) | | :--- | :--- | :--- | | Avg. Life Insurance Underwriting Time | 7 days | 24 hours | | Claims Processing Cost per Claim | $12.50 | $5.00 | | Contact Center Agent Training Ramp-up | 6 weeks | 3 weeks | | Customer Effort Score (Policy Understanding) | 65/100 | 85/100 | | AI Hallucination / Error Rate in Production | N/A | <0.5% (with HITL catch) | | | Group Benefits | Intelligent Claims Adjudication:

Manulife is exploring various use cases for GenAI across its business, including:

Manulife's foray into GenAI represents a significant step forward in the company's journey to harness the power of AI and drive business transformation. As the insurance industry continues to evolve, the adoption of GenAI and other emerging technologies will be crucial for companies to stay competitive and provide innovative solutions to customers. With its commitment to GenAI research and development, Manulife is well-positioned to capitalize on the opportunities presented by this cutting-edge technology and shape the future of the insurance industry.

Manulife serves over 35 million customers across Asia, Canada, and the United States. The complexity of managing individual life insurance policies, group benefits, and wealth assets generates massive amounts of unstructured data: PDF applications, medical records, call transcripts, and policy documents.