Cindy Forbes Executive Vice President & Chief Analytics Officer
Manulife operates globally and offers suite of financial products and solutions 4 th largest life insurer in North America 13 markets including Canada, USA, Hong Kong, China, Japan 930B+ assets under management globally 22M+ customers globally on a wide-set of products 3
Our strategy focuses on being customer-centric and providing holistic advice to our customers Develop meaningful relationships by directly engaging with our customers We are revolutionizing the way we engage our customers through Wellness Create simpler and needsbased customer experience We are the market pioneers in underwriting HIV positive individuals without fluids 1 st in Canada We simplified claims process with WeChat in China 2 nd in US 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 China, Hong Kong, Japan Real-time underwriting decision Integrated toolset to deliver seamless experience Electronic payment via debit & credit card 4
The financial services industry faces more challenges than ever before Digital (R)evolution Regulatory pressures More customers willing to purchase financial products digitally Mobile, messaging platforms becoming key engagement vehicle Increased Competition Non-traditional partnerships being forged between FIs and e-commerce, telecom, tech companies Tapping into synergies to scale-up customer acquisition 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 Emergence of FinTech/ InsureTech Start-ups leveraging digital technology and agile approaches to innovate and enhance customer experience 5
We see this as an opportunity and Analytics is fundamental to achieving our strategic ambitions Analytics will be applied across the value-chain in, How we drive value Acquiring customer Grow our businesses Generating revenue Retaining customers Modernized underwriting Digital advice Lead generation Bancaassurance Innovating new products Enhancing customer experience Driving operational efficiency Claims Fraud detection Claims intervention Reduce our expense base 6
Our Advanced Analytics teams are organized in a hub-andspoke model, supporting local and global needs Canada Singapore Hong Kong US Group Function Asia Japan (Chief Analytics Officer) China Philippines Indonesia Investment 7
We are focused on several priority initiatives to realize our strategic ambitions Charting our value creation roadmap Clear set of priorities for where analytics can drive value Consistency in value measurement Evolving our data governance and platforms Attracting and developing top analytics talent Enabling analytics across the organization 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 8
The newly created Chief Analytics Officer role has high visibility with Executive Committee and Board of Directors Q1 Q1-Q2 May Q2-Q3 October Key milestones in 2016 Chief Analytics Officer hired External benchmarking exercise Updated Executive Committee on strategy Identified suite of analytic solutions across businesses Updated Board on progress 9
In Canada, we are leveraging data-driven insights to retain our mortgage customers Case Study Leveraged multiple customer data sources Mortgage holder transaction data Customer demographic data Developed predictive model Identified list of mortgage holders that are likely to attrite Drivers include high interest rate variance vs. market, low customer tenure Proactively engaging customers Opportunity to proactively engage customers based on their pain points 10
In Canada, we are leveraging data-driven insights to retain our mortgage customers Case Study Leveraged applicant data and third-party data Applicant data: Personal information, demographic data Third party data: Health history from Medical Information Bureau, prescription drug history, prior DUI records Developed analytics model to enable personalized experience Technology-enabled, medically-justified analytics model Proactively engaging customers in simplified process Provide non-invasive underwriting path guided by teleinterviews Applicant receives decision in 3-5 days 11
In Canada, we are leveraging data-driven insights to retain our mortgage customers Case Study Leveraged applicant data and partner data Internal data: Policy data, CRM data External data from Banca partners: Transaction, demographic, and product data Developed analytics model to target high-quality leads Identified meaningful customer moments by leveraging rich transactional and behavioral data Generate high quality leads and grow sales Proactively engaging the right prospects Leads sent to exclusive Banca partners: (e.g., sales channel, segment managers) 12
Thank you. Questions? We operate as John Hancock in the United States and Manulife in other parts of the world. 13