Manulife operates globally and offers suite of financial products and solutions
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13 markets including Canada, USA, Hong Kong, China, Japan
930B+ assets under management globally
4th largest life insurer in North America
22M+ customers globally on a wide-set of products
Our strategy focuses on being customer-centric and providing holistic advice to our customers
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We are the market pioneers in underwriting HIV positive individuals without fluids
Develop meaningful relationships by directly
engaging with our customers
Create simpler and needs-based customer experience
We are revolutionizing the way we engage our customers
through Wellness
We simplified claims process with WeChat
in China
Equip our advisors with digital tools to meet
customer needs
We are providing our advisors with electronic Point-of-Sale (ePOS) tools to meet holistic
customer needs
1st in Canada
2nd in US
China, Hong Kong, Japan
Real-time underwriting decision
Integrated toolset to
deliver seamless experience
Electronic payment
via debit & credit card
The financial services industry faces more challenges than ever before
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Digital (R)evolution Regulatory pressures
Increased Competition Emergence of FinTech/ InsureTech
More customers willing to purchase
financial products digitally
Mobile, messaging platforms becoming
key engagement vehicle
Ongoing changes to capital requirements for
Life Insurance companies
Regulations such as DoL ruling accelerating
fee pressures across wealth management
Increasing costs of risk management and
compliance
Non-traditional partnerships being forged
between FIs and e-commerce, telecom,
tech companies
Tapping into synergies to scale-up
customer acquisition
Start-ups leveraging digital technology and
agile approaches to innovate and enhance
customer experience
We see this as an opportunity and Analytics is fundamental to achieving our strategic ambitions
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Grow our businesses
Reduce our expense base
How we drive value
Digital advice
Modernized underwriting
Lead generation
Banca- assurance
Claims Fraud detection Claims intervention
Acquiring customer
Generating revenue
Retaining customers
Innovating new products
Enhancing customer experience
Driving operational efficiency
Analytics will be applied across the value-chain in,
Our Advanced Analytics teams are organized in a hub-and-spoke model, supporting local and global needs
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Investment
Canada
US
Singapore
Philippines
Group
Function
(Chief Analytics
Officer)
Hong
Kong
Japan
China
Indonesia
Asia
We are focused on several priority initiatives to realize our strategic ambitions
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Charting our value creation
roadmap
Evolving our data
governance and platforms
Attracting and developing
top analytics talent
Enabling analytics across
the organization
Clear set of priorities for where analytics can drive value
Consistency in value measurement
Common platform and ‘data labs’ for analytic exploration
Load data on platforms based on value creation potential
Value proposition as top analytic talent employer
Social media presence and campus recruitment programs
‘Community of Practice’ enabling global collaboration
Explore partnerships to gain access to unique data sources
The newly created ‘Chief Analytics Officer’ role has high visibility with Executive Committee and Board of Directors
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Chief Analytics Officer hired
External benchmarking
exercise
Updated Executive
Committee on strategy
Identified suite of analytic
solutions across businesses
Updated Board on progress
Key milestones in 2016
Q1 Q1-Q2 May Q2-Q3 October
Proactively engaging customers
Developed predictive model
Leveraged multiple customer data sources
Opportunity to proactively engage customers based on their pain points
Mortgage holder transaction data Customer demographic data
Identified list of mortgage holders that are likely to attrite Drivers include high interest rate variance vs. market,
low customer tenure
In Canada, we are leveraging data-driven insights to retain our mortgage customers
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Case Study
Proactively engaging customers in simplified process
Developed analytics model to enable personalized experience
Leveraged applicant data and third-party data
Provide non-invasive underwriting path guided by teleinterviews Applicant receives decision in 3-5 days
Applicant data: Personal information, demographic data Third party data: Health history from Medical Information
Bureau, prescription drug history, prior DUI records
In Canada, we are leveraging data-driven insights to retain our mortgage customers
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Case Study
Technology-enabled, medically-justified analytics model
Proactively engaging the ‘right’ prospects
Developed analytics model to target high-quality leads
Leveraged applicant data and partner data
Leads sent to exclusive Banca partners: (e.g., sales channel, segment managers)
Internal data: Policy data, CRM data External data from Banca partners: Transaction,
demographic, and product data
Identified meaningful customer “moments” by leveraging rich transactional and behavioral data
Generate high quality leads and grow sales
In Canada, we are leveraging data-driven insights to retain our mortgage customers
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Case Study