Revolutionizing Life Insurance: John Hancock's Quick Quote AI Tool

John Hancock has revolutionized the life insurance industry with Quick Quote, a generative AI tool designed to accelerate the initial underwriting process in the United States. This AI-driven prior authorization system stands out by reducing preliminary underwriting time from a full day to just 15 minutes for straightforward cases. As one of the first reasoning-based AI platforms in the domestic market, it signals a significant advancement in regulatory compliance and risk management.

With support from advanced technology, John Hancock commits to a frictionless purchasing process for both clients and distribution partners. Brooks Tingle, President and CEO, emphasized, "Quick Quote delivers faster, more consistent initial underwriting assessments, enhancing our underwriting efficiency." This commitment not only improves operational efficiency but also strengthens the provider and payer dynamics within the life insurance sector, offering strategic advantages in underwriting and claims handling.

Scalability and Strategic Growth

Quick Quote's scalability enables it to manage over 4,000 quote requests monthly, allowing underwriters to focus on complex cases while ensuring regulatory compliance requirements. Since its pilot phase in late 2024, the system has processed over 20,000 cases. Hector Martinez, Head of Insurance, noted, "Our AI capabilities deliver faster initial assessments, making our solutions more accessible for advisors." This launch is part of a strategic initiative with parent company Manulife to ethical AI integration across operations, ultimately enhancing growth and improving risk management strategies and customer experiences industry-wide.