Manulife announced June 19 the launch of Manulife Par, a participating whole life insurance product. The company also announced the launch of an artificial intelligence algorithm that it says will transform the underwriting process.
Manulife says these developments are a key component of its plan to “further strengthen its leadership position in the Canadian insurance market” and that it is confident that the launch of Manulife Par, will enable it to gain market share.
Dramatically reduced turnaround times
“Manulife has a proud 130-year history of innovation and leadership in insurance,” said Alex Lucas, Head of Individual Insurance, Manulife. “Not only do we expect strong growth from our new par product and our recently expanded Manulife Vitality program, we also expect increased efficiencies as a result of the launch of our new artificial intelligence tool for underwriting which will dramatically reduce turnaround times for many of our customers’ applications.”
Manulife says the launch of its Artificial Intelligence Decision Algorithm makes it the first Canadian life insurer to underwrite using A.I. “We see lots of opportunity in Canada by making insurance easier to buy and more engaging to own,” said Lucas. “With the launch of Manulife Par and our continued investment in modernizing our business, we are confident we have the innovative solutions Canadians are looking for,” said Lucas.
Vitality program expanded to all term products
Manulife also recently expanded its Manulife Vitality program to all of its term products. The insurer says it plans to expand the rewards offered in the program during the coming months. The Vitality program allows participants to save on their premiums and earn rewards by taking steps to live healthier lives, for example by exercising or getting regular check-ups.