Underwriting is a critical process in the insurance industry, analyzing factors such as age, health, and lifestyle, with documents like medical records to make informed decisions about the appropriate coverage for a customer. The traditional underwriting process has been a historically manual one that must be handled with great care and compassion. Across industry, including at Manulife, this process can take weeks for a complete customer risk quote assessment.
At Manulife, we’re committed to continuously evolving our business and the products we offer to meet the needs of our customers. So, what if we could supercharge our Underwriting Process with GenAI for our product distributors to provide an easier and better experience by delivering customers with a faster, more accurate quoting process?
Automating Quick Quote with GenAI
Manulife is now leveraging GenAI to transform preliminary Underwriting Assessments for less complex cases with their Quick Quote tool, which launched in December 2024. This innovation reduces the time required from one day to just 15 minutes, with the goal of generating quick quote responses within 45 seconds.
How does GenAI help Quick Quote move faster?
GenAI automatically interprets and extracts key information from Quick Quote, looks up the information in the Underwriting Manual for risk assessment guidance, consolidates findings into a preliminary assessment, and then drafts an email response.
Here's how it works:
GenAI analyzes and summarizes data, using machine learning to offer insights and recommendations for suitable coverage options.
Underwriters assess case insights, validation alerts, background information, and recommended ratings.
They can confirm, edit, and provide feedback, quickly confirming their confidence score and sharing a GenAI-generated explanation of the policy for producers to discuss with customers.
The impact of evolving our underwriting process
Equipped with GenAI capabilities, underwriters can manage a higher volume of transactions and are increasing their efficiency. Producers will not only receive a faster response, but a consistent answer to their queries.
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.
