Manulife has partnered with Alibaba Cloud to establish a joint AI hub in Hong Kong.
The collaboration will focus on developing new applications for the insurance sector and embedding AI across the company’s digital customer journeys.
The two firms plan to incubate solutions designed to strengthen fraud detection capabilities and advance service personalisation for policyholders.
This initiative aligns with Manulife’s broader strategy to scale its technical capabilities globally.
The company projects its AI initiatives will generate over CAD$1 billion in enterprise value by 2027.
The partnership provides a formal framework for the companies to identify co-development opportunities and evaluate emerging technologies.
The collaboration will be guided by established data governance, legal, and regulatory requirements.
“Through the establishment of a joint AI hub, we are creating a structured platform to co-develop innovative AI solutions that can transform both customer experiences and business processes,”
said Dr. Hongjuan Liu, Chief AI & Data Officer at Manulife Hong Kong and Macau.
The insurer has already deployed several AI tools in Hong Kong, including customer engagement platforms and data analytics for its distribution network.
Edward Zhang, Vice President of Public Cloud and General Manager of Financial Services Industry, Alibaba Cloud Intelligence, said:
“This collaboration reflects a shared commitment to advancing innovation through AI and cloud technologies. By working closely with Manulife, we will combine deep industry expertise with Alibaba Cloud’s advanced technical capabilities to co-develop AI-enabled solutions that address real-world business needs.”
This new agreement aims to expand that relationship by focusing specifically on responsible AI adoption to support the company’s evolving customer and operational needs.
Featured image credit: Edited by Fintech News Hong Kong, based on image by Manulife