Manulife AI & Advanced Analytics Journey - October 2019 - University of ...
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Manulife AI & Advanced Analytics Journey October 2019
A leading global financial services company
10 C$1.1
TOP
Life Insurer trillion
by market capitalization1 in AUMA2
C$43 14%
billion CAGR
market capitalization1 in Wealth & Asset
Management AUMA3
14 120
OVER
Markets 4 across Years
fast growing Asia in Asia
27 34
OVER
OVER
million thousand
customers employees
1 Source: Bloomberg, as of August 31, 2019. 2 As of June 30, 2019. AUMA stands for assets under management and administration, a non-GAAP measure. See “Performance and non-GAAP
Measures” below. 3 From 2014 to 2018. 4 In 1Q19 Manulife was granted a license to establish a Wholly Owned Foreign Insurer in Myanmar which is not yet operational. In 2Q19 Manulife
Investment Management announced a joint venture in India with Mahindra Finance. 2
Manulife’s Mission, Strategic Priorities and Values
Customers Employees Shareholders
Improve NPS by 30 pts Best employer with top Top quartile returns
and delight customers quartile engagement
Deci si ons m ade easier.
Mission
Why
Li ves m ade better.
Portfolio Expense Accelerate Digital High
Optimization Efficiency Growth Customer Performing
Strategic Leader Team
Priorities
What
Values Obsess Do the Think Get it Own it Share
How about right big done your
customers thing together humanity
3
Manulife- University of Waterloo Collaboration
Contribution of $400,000 for
research on the
advancement of AI
Opportunity to work on important Get access to top researchers in the
Industry problems field of AI and Machine Learning
April 1, 2021 4
Manulife- University of Waterloo Collaboration
Help build the
next generation of Fund two AI prizes
intelligent systems
Undergraduate
students, who
NLP on Call Center
excelled in either their
data
studies, research or
leadership in AI fields
Disability claim
prediction
April 1, 2021 5
Our Journey
2019
120 FTE
20 FTE Asia, Canada, US, GWAM,
Group Teams
Teams in Asia, Canada, US EDL in place & Over 100
Systems Ingested
Limited data access 2016 104 models in prod
Few models in production Target Value Enabled 90M
CoE in Fraud, Underwriting,
No Center of Expertise (CoE)
Retirement, Claims, NLP
April 1, 2021 6Hub & Spoke Organizational Model
Chief Analytics
Officer
VP, Group AI &
Advanced
Analytics
Asia CAO Canada CAO US CAO GWAM CAO
April 1, 2021 7How We Work
How is Success measured? How does it work? How do we prioritize?
Our KPI = Value Enabled AI & AA teams in each Value Creation Potential
business/ segment
~PV of Bottom Line You work with your segment Strategic Alignment
Impact partner
No impact on Business No chargeback for using Executive Support
KPIs/ Targets AI & AA teams
Aligns AI & Advanced Availability of Data, SMEs,
Analytics with creating Resources
value for the business
8Key Elements of Analytics Strategy
Build EDL & Data Capabilities; Ingest Analytically Relevant Data
Establish Analytics Centers of Expertise in Core areas of expertise
Build leading edge Advanced Analytics capabilities
Increase business leaders’ knowledge of Advanced Analytics to create demand
Build a high performing team
Embed Data & Analytics in transformational and digital initatives
April 1, 2021 9Manulife Advanced Analytics Service Offerings
Digital Analytics (Web/ App) Fraud Analytics Customer engagement analysis (e.g. Call Center,
• Web/Mobile App Analytics • Account Take Over (ATO) Chatbot, email, etc.)
• Digital Personalization (A/B & • Claim Fraud • Omni-channel customer contact analysis
Multivariate Testing) • Producer misconduct • Customer lapsation/complain root cause analysis
• AML analysis • Service to sale opportunity identification
• Social listening
Claim Analytics Underwriting modeling Distribution Efficiency (called Optimal Advisor
• Claim adjudication automation • Underwriting Automation Experience at JHI)
• Claim service provider analysis • Smoker/non-smoker prediction • Advisor Segmentation Model
• Claim fraud (also under Fraud) • Protective value of application questions • Advisor Behavior (Lead Gen, Customer Journey)
• Optimization of evidence ordering • Campaign Management
• Insight Delivery (Voice, Search, BI)
Special Techniques Marketing Distribution Analytics Operations Efficiency
• Text mining • Lead Prioritization • Claims processing optimization to minimize interest
• Link Analysis/Network Analysis • Propensity Modeling expense
• Speech to Text • Response Modeling • Death Matching
• Image analysis • Attrition/Survivor modeling • Optimization of out-reach to customers to move to
• Natural Language Processing • Next Best Action/Offer ePayment and eStatement solutions
• Sentiment Analysis • Customer/Market segmentation • Suspense Account Reconciliation
• Marketing Attribution modeling • Reduction in call center escalations
• Advert Regency & Frequency • Improved first call resolution
10Going Forward 2022
250 FTE
Asia, Canada, US, GWAM,
120 FTE Group Teams
Asia, Canada, US, GWAM, Almost all data from internal
Group Teams Systems Ingested in the EDL
EDL in place & Over 100 200+ models in prod
Systems Ingested 2019
104 models in prod Target Value Enabled 350M
+CoE for Personalization/Digital
Target Value Enabled 90M
Marketing, Intelligent Automation
CoE for Fraud, Underwriting,
Retirement, Claims, NLP
April 1, 2021 11Manulife’s AI & Advanced Analytics Strategy
Our ambition is to be a leader in using insights from data and analytics to make customers’ lives better, transform our company
and drive value. In our Point of Arrival, AI & Advanced Analytics is embedded in all major business and functional processes,
products and advice. Our culture is data driven!
Strategic Priority Outcomes/Deliverables
Data • Ingest all analytically-relevant data onto the Enterprise Data Lake
• Build our data capabilities
• Capture all current data & expand data capture in support of Strategic Priorities
Transformational & Digital Initiatives • Include data & advanced analytics in transformational & digital initiatives to leverage IT
investment and build personalized customer interactions
Establish Analytics CoEs for Core and Strategic Capabilities • Fraud, U/W, HR and Research CoEs established
to deepen expertise and share knowledge and best • Retirement, Claims, Personalization, Intelligent Automation CoEs to be established
practices across the Company
Develop Cutting Edge AI & Advanced Analytics Expertise • Leverage existing academic partnerships (Vector AI Institute, U of Waterloo AI Institute) and
Internally establish new partnerships for talent attraction and leading edge research
• Work with businesses and functions to develop an AI roadmap
Support the Digitization of Company Functions • Apply AI & Advanced Analytics to enable the digitization of functional processes and to
enhance the employee experience
Provide leaders with the knowledge and tools they need to use • Offer AI & Advanced Analytics Academy to all Officers over next two years
AI & Advanced Analytics to achieve their business objectives • Develop post Academy engagement/sustainment program
and provide solutions to business problems
12Decisions made easier.
Lives made better.
April 1, 2021 13You can also read
