John Hancock, a unit of Manulife Financial Corporation, introduced Quick Quote, a generative‑AI system that delivers preliminary underwriting assessments in 15 minutes—down from the typical one‑day turnaround. The tool is engineered to handle up to 4,000 requests per month, freeing human underwriters to focus on more complex cases and improving the experience for both customers and agents.
In a pilot that began at the end of 2024, Quick Quote processed 20,000 cases, demonstrating its scalability and the potential to streamline the life‑insurance purchase process across the U.S. market. The system targets “less complex” applications, covering individuals up to age 75 and face amounts up to $10 million, and uses a reasoning‑based GenAI engine that evaluates medical history, lifestyle, and financial data to produce a preliminary risk profile.
The launch fits into Manulife’s broader AI strategy, which the company says could generate over $1 billion in enterprise value by 2027. Chief Executive Brooks Tingle noted that Quick Quote “enhances underwriting efficiency and creates a more frictionless experience for advisors and policyholders.” Head of Insurance Hector Martinez added that the tool “streamlines the life‑insurance purchase experience, making solutions more accessible for advisors and ultimately helping more families live longer, healthier lives.”
Competitive analysis shows that Quick Quote is among the first reasoning‑based GenAI quote‑generating engines in the U.S. life‑insurance market. Other insurers, such as RBC Insurance and BMO Insurance, are also exploring AI‑driven underwriting, but John Hancock’s early entry positions it ahead of peers in speed and automation. The move also supports Manulife’s global AI platform, which includes the Canadian‑based Maude engine that has been evolving since 2018.
By reducing the preliminary underwriting cycle to a quarter of a day, Quick Quote is expected to lower operational costs, increase throughput, and improve consistency in risk assessment. The tool’s ability to process a high volume of cases also frees underwriters to focus on higher‑complexity policies, potentially boosting overall underwriting quality and customer satisfaction. The initiative signals Manulife’s commitment to leveraging AI to drive growth, enhance efficiency, and maintain a competitive edge in the evolving insurance landscape.
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