John Hancock Unveils GenAI-Based Underwriting Support Tool: Quick Quote

Executive Summary

• John Hancock introduced “Quick Quote,” a generative AI‑based underwriting support tool that delivers preliminary life‑insurance quotes in about 15 minutes, down from the typical one‑day turnaround.
• The engine can handle over 4,000 requests per month and has already processed more than 20,000 cases since its pilot launch at the end of 2024.
• Quick Quote is intended for non‑binding initial assessments for individuals up to age 75 with face amounts up to US$10 million, allowing underwriters to focus on more complex applications.

Key Details

• Tool Function: Uses reasoning‑based GenAI to generate a quick, non‑binding underwriting assessment based solely on general information supplied by an insurance agent.
• Turnaround Time Reduction: Average processing time cut from one business day to approximately 15 minutes.
• Capacity: Designed for >4,000 Quick Quote requests per month; pilot phase supported >20,000 cases.
• Target Audience: Individuals up to age 75; face amounts up to US$10 million.
• Operational Impact: Frees underwriters to concentrate on complex inquiries and formal applications, improving overall efficiency and customer experience.
• Strategic Context: Part of Manulife/John Hancock’s broader AI‑driven transformation aimed at scaling responsible AI solutions for growth and enhanced service delivery.

Notable Quotes

“Quick Quote delivers faster, more consistent initial underwriting assessments in response to agent inquiries, enhancing our underwriting efficiency and creating a more frictionless experience.” – Brooks Tingle, President & CEO, John Hancock

“By harnessing advanced AI capabilities in this way, we’re able to deliver faster initial assessments and make our solutions more accessible for advisors.” – Hector Martinez, Head of Insurance, John Hancock