Imagine reducing a task that once consumed 6-8 hours of your time to a swift 10-minute process. This is now a reality for Manulife’s General Account (GA) Investment Legal team, thanks to the introduction of a Lease Summarization Tool. Powered by generative AI (GenAI), this tool is revolutionizing the review and summarization of commercial lease agreements at Manulife, dramatically boosting efficiency and minimizing manual work.
Significant Impact and Early Results
Before the launch of the Lease Summarization Tool in December 2024, reviewing legal documents of up to 100 pages required up to 10 hours of both paralegal and lawyer time.
With this new tool, paralegals can now upload commercial lease agreements and within 10 minutes, a GenAI-generated ‘Tenant Lease Summary’ is available and shared with our Legal team, already vetted. This automated process saves time, manual effort, and is scalable, an excellent example of how AI is driving efficiencies across all our teams at Manulife.
By enabling the automatic generation of Tenant Lease Summaries, the tool has cut review time by 50%. Currently, it saves 2 hours per lease, with expectations to increase this efficiency to 4 hours per lease by the end of 2025.
Future Enhancements
Looking forward, the Advanced Analytics team plans to continuously refine the tool and aims to improve output quality through model enhancements and introduce document summary visualization by 2025.
This GenAI solution helps us to achieve better and faster outcomes by saving over hundreds of hours each year in the lease review process, which results in quicker review times for our customers and clients.
Manulife’s AI commitment
Our teams from around the world are united in our commitment to Get it Done Together and to Think Big as we continue to transform Manulife in the pursuit of customer experience excellence. At Manulife, we believe by collectively embracing new ways of working and leveraging data insights, we are generating better results that benefit our colleagues, customers, and shareholders. Learn more about AI@ Manulife.
