Insurance enjoys more artificial intelligence upgrades.
Two years ago, we first told you about an exciting new artificial intelligence (AI) tool called AIDA that was about to have a big impact on Manulife Canada’s Individual Insurance business. When AIDA went live in June 2018, the company made history, becoming the first insurance provider in the world to use AI for underwriting. Specifically, AIDA was designed to speed up the application approval process for Family Term cases with face amounts up to and including $1 million for clients aged 18 to 45.
Fast-forward to the present day, and it’s time to expand on AIDA’s capabilities. In July 2020, a new tool called AIDA iLong was launched. With a focus on speed and efficiency, iLong is helping to move long-form insurance applications more quickly through the underwriting process. Thanks to AIDA iLong, the underwriting team is now able to process an additional 50 long-form applications a week.
The AIDA tools handle about 22 per cent of the life insurance cases submitted, or about 57 per cent AIDA eligible cases in the 18-45 age range with coverage up to $1 million. Approvals happen within seconds of the underwriting data being submitted via iLong or collected as part of the tele-interview process with iShort.
“AIDA is such an important asset for our Insurance advisors, who work hard to provide best-in-class service to their clients. I’m really pleased that we can expand on AIDA’s functionality to speed up the approval process for long-form applications,” says Karen Cutler, Vice President and Chief Underwriter at Manulife Canada. “Allowing AI to handle the straightforward cases frees up the underwriting team to tackle more complex cases, which mean clients get the insurance coverage they need.”
So what’s next? The AIDA team is now setting their sights on other products with a goal of expanding to higher ages and living benefits.
FOR ADVISOR USE ONLY.
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