“The advent of the digital world is an industrial revolution,” – Richard PayetteBy Justine Montminy | November 15 2018 01:30PM
Richard Payette | Photo: Cercle canadien de Montréal
As part of its commitment to become a digital leader, Manulife aims to make innovation a state of mind while ensuring that people are at the centre of this change. Richard Payette, President and CEO, Manulife Québec, expressed this goal at a conference at the Canadian Club of Montréal.
Insurers can opt to either submit to the change or adapt, he says. “We come from a fairly conservative sector, but one that is destined to evolve. The world is transforming. It’s not a status quo revolution, it’s an industrial revolution.”
Payette adds that it is not enough to make a few changes and return to business as usual, because clients expect more. It is important to be proactive, he says.
“Manulife chose to take on these challenges with an ambitious and daring approach. We now define ourselves as a digital company centred on clients’ needs. This means responding to their changing expectations. They want a personalized service offering and to control the relationship,” Payette explains.
Technology and innovations, the cornerstones
The digital revolution is powered by technology and innovations. “We are not overlooking any details, and all aspects of our organization will be fine-tuned. Technology is central to everything we do,” Payette says.
He gives the examples of the new retirement planning platform that Manulife launched this year, which uses artificial intelligence to pinpoint client’s long-term needs, and the Vitality program, which rewards insured that adopt a healthy lifestyle.
The insurer also slashed its paperwork. “Our industry is renowned for having reams of forms. We have digitized over 2000 of them. In September, our robots handled one million transactions. By December 31, we expect this number to double to 2 million,” Payette says. He says this digitization has cut calls related to simple formalities by 20 per cent, while boosting customer satisfaction.