Revolutionizing Life Insurance: John Hancock's AI-Powered Quick Quote
John Hancock, a subsidiary of Manulife, has unveiled an AI-powered tool named Quick Quote, aimed at revolutionizing the preliminary underwriting process in the U.S. life insurance industry. Hector Martinez, John Hancock’s head of insurance, states that Quick Quote is a cutting-edge GenAI engine transitioning from traditional document automation to delivering reasoning-based outcomes. This innovation provides preliminary assessments in approximately 15 minutes, a significant reduction from the previous timeframe of up to a day.
The technology is designed to streamline workflows for insurance agents and underwriters, offering swift, reliable preliminary guidance. This enables underwriters to focus more on complex cases, thereby enhancing operational efficiency. Martinez further explains that Quick Quote evaluates non-personal, high-level data submitted by agents through its sophisticated reasoning-based GenAI, presenting an initial assessment of potential underwriting outcomes.
John Hancock's innovation reflects the industry's shift towards a digitized customer and agent experience, highlighting the growing demand for swift service delivery. Quick Quote is capable of handling a diverse array of scenarios, including those involving applicants up to 75 years old with coverage of up to $10 million. Launched as a pilot in late 2024, the tool has already processed over 20,000 cases, underscoring its scalability and robust operational capacity.
AI Enhancements Across Borders
Simultaneously, Manulife in Canada has enhanced its AI-supported application tool, MAUDE, by integrating an advanced AI underwriting engine to facilitate near-instant approvals for eligible applicants. Both systems, Quick Quote and MAUDE, embody a unified corporate strategy focusing on empowering their workforce with superior tools, thus promoting productivity on high-impact tasks.
Martinez reinforces John Hancock and Manulife's dedication to leveraging AI responsibly, aiming to improve speed and consistency across their operations for superior service delivery. As AI technologies gain traction, they promise to enhance scale by minimizing manual workloads and aligning with the rising industry expectations for efficiency.
This development aligns with Manulife’s ongoing global strategy to incorporate advanced technology throughout its operations, a commitment reflective of its prestigious history since its founding in 1887. Operating across various countries, Manulife continues to hold its position as a leading player in Canada’s insurance sector.