Business · Companies · 2 hrs ago
Canadian insurers use AI to support retirement and health planning
One in five Canadians is now 65 or older, and insurers say the country’s ageing population is increasing demand for retirement and health planning.
At a Toronto event, leaders from Manulife, iA Financial and Sun Life said many people are not well prepared for the financial realities of old age.
Canadians increasingly expect to prepare for retirement themselves, while also hoping to live longer and stay healthier.
Insurers are turning to AI to speed up service, including underwriting and responses to customers.
Manulife has launched an AI assistant that gives advisers underwriting guidance and helps move insurance applications forward.
The companies say AI can help close a protection gap in insurance and retirement savings by helping advisers identify clients’ needs.
They also stressed that trusted human advice remains important as people make financial decisions at different stages of life.
Canadian life insurers are using artificial intelligence to support retirement planning, health care and insurance services for an aging population.
One in five Canadians is aged 65 or older, Manulife chief executive Phil Witherington said at an industry panel in Toronto.
Insurers say AI can speed up underwriting and applications and help advisers identify clients’ insurance and retirement savings needs.
Manulife recently launched an AI tool that provides advisers with on-demand underwriting guidance.
Industry leaders also pointed to a gap between Canadians’ retirement and insurance needs and their preparedness.
- Who
- Canadian life insurers, including Manulife, iA Financial and Sun Life, are using AI.
- What
- They are applying AI to support financial planning, health care and insurance services, including underwriting and applications.
- When
- Insurers are adopting the tools now; Manulife launched an adviser tool last week and unveiled an electronic application and AI tool earlier this year.
- Where
- Canada. The industry panel took place in Toronto.
- Why
- Insurers say an aging population and a gap in retirement savings and insurance protection are increasing planning needs.
This story does not have two clearly opposing sides.
Manulife unveiled an electronic life insurance application and an accompanying AI tool.
Manulife launched Advisor AI Assistant, which gives advisers on-demand underwriting guidance.
Canadian life insurance leaders discussed aging, retirement planning and AI at an Economic Club of Canada event in Toronto.
- Canadians aged 65 and older
- 20 per cent
- Canada’s fertility rate
- 1.3 children per woman last year
- Manulife AI tool
- Advisor AI Assistant, launched last week
- Manulife business in Asia
- Half of its business is there
What people are saying
There is a significant gap between the realities of living with old age and how well prepared we are for it.
If you catch a customer when they have a good [level of] interest, they’re much more likely to find the solution rather than get distracted and be tied up on some other aspect of life.
AI is already giving advice – I’m sure we all use the [AI] tools that give advice – but at the end of the day, those who will win will be those who provide trusted advice.