What's Happening?
Manulife Singapore has inaugurated an Artificial Intelligence Centre of Excellence (AI COE) aimed at advancing AI solutions within the insurance sector. The center will focus on developing use cases across
various domains such as underwriting, operations, customer engagement, and distribution. The initiative is designed to simplify and accelerate insurance processes, making them more intuitive for customers. The AI COE will also work on enhancing customer experiences by personalizing advice and recommendations, and equipping employees and advisors with advanced tools. A collaboration with the Asian Institute of Digital Finance at the National University of Singapore will facilitate research and knowledge exchange.
Why It's Important?
The establishment of the AI Centre of Excellence by Manulife Singapore signifies a significant step towards integrating advanced technology in the insurance industry. By leveraging AI, the center aims to streamline operations and improve customer interactions, potentially setting a new standard for efficiency and personalization in insurance services. This development could lead to more competitive offerings in the market, benefiting consumers through improved service delivery and tailored insurance products. Additionally, the collaboration with an academic institution underscores the importance of research and innovation in driving industry advancements.
