While aiming to reap the benefits of advanced automation, the firm has undertaken to implement not just AI, but Responsible AI

How is the insurance industry warming up to the use of generative AI (GenAI) to boost productivity,  stay competitive and yet observe strong precautions about responsible AI use?

In this case study, one international financial services provider and insurer based in Singapore, Manulife,  has announced the development of two GenAI tools created under its declared Responsible AI framework (see screenshot) to tap intelligent automation to benefit staff, customers and prospective consumers.

The first tool, developed by its Singapore office, helps to empower sales agents with deep insights  into customer preferences and needs, to help them improve personalization in customer interactions. The large language model uses data from each customer’s last 12 months of engagement; life stage and needs; and recent news to generate engagement ideas  unique to each customer. Launched to a pilot group in May 2024 and extended to over 2,000  agents in Singapore in July, with planned expansion to the Japan market later this year, the tool is expected to enhance needs-based conversations and create  stronger, more personalized customer experiences.

The second tool is meant to streamline  the underwriting process by automating the analysis and summarization of documents. A typical five-day window for this process could potentially be reduced to a target of 3-days for high-net-worth products. Besides improving efficiency, the tool also improves accuracy in decision-making, further simplifying the  underwriting process and freeing up underwriters to focus on more complex  cases.

By the end of 2024, GenAI will be utilized in the firm’s contact centers to enhance the efficiency and accuracy of client interactions, automates call summaries, performs daily trend analyses, and manage complex contract  lookup within seconds.

Said the firm’s Chief Analytics Officer (Asia) and Chief Marketing Officer, Mark Czajkowski:

“The launch of these AI-driven tools in Singapore will significantly improve customer interactions by providing faster, more accurate, and personalized service. By automating routine tasks in underwriting and streamlining customer support through AI, we are furthering  our commitment to delivering exceptional value to our customers and colleagues alike.”