Third innovation lab joins focus on emerging fintech solutions for customers
SINGAPORE, Sept. 29, 2016 /CNW/ - Manulife has opened a new Lab of Forward Thinking (LOFT) location in Singapore. Singapore, a technology hub for Asia, hosts the third LOFT site for Manulife. The other labs are in Boston and Toronto.
The LOFT is a global exploration and incubation capability to build Manulife's competitive advantages within the financial services industry – one ripe for disruption. The LOFT provides a platform for employees to collaborate and devise new technological solutions for the Company's wealth, asset management, and insurance customers.
"We are using emerging technologies and platforms such as blockchain and artificial intelligence to build competitive advantages," said Greg Framke, Executive Vice President and Chief Information Officer, Manulife. "Now that our Singapore LOFT has launched, our global innovation system can continue to explore new markets and build solutions that will benefit our customers around the world."
In the last six months, the LOFT announced collaborations with ConsenSys and BlockApps to apply blockchain technologies to enhance the on-boarding of new wealth management clients. They have also announced partnerships with Nervana Systems and indico data solutions to develop artificial intelligence and deep learning technologies that enhance investment research.
Innovative initiatives, such as the LOFT, RED Lab and the creation of the new roles of Chief Analytics Officer and Chief Innovation Officer are part of Manulife's strategy of putting the customer at the centre of everything we do, and provide solutions to improve the customer experience.
"Our goal is to become the most customer centric organization in our industry," said Roy Gori, President and Chief Executive Officer, Manulife Asia. "Through the LOFT, we encourage experimentation, incubation and collaboration to find the answers we need to best serve our customers."
"Consumers in Asia are looking for tools and services to make their lives easier. There are tremendous rewards on offer for those businesses that take up the challenge. That's why we chose to build a LOFT in Asia and Singapore, with its thriving start-up culture, is the perfect home for that investment," said Gori.
For more about the Singapore LOFT, Singapore Lab 360° Video Tour
About the Lab of Forward Thinking
Manulife and John Hancock's Lab of Forward Thinking (LOFT) explores emerging technologies, new business processes and consumer needs to deliver innovative solutions. Through LOFT labs in Boston, Singapore and Toronto, teams discover, incubate and accelerate new technologies, products, services and processes. The fail-fast culture gives every idea a fighting chance to succeed. Connect with LOFT on Facebook, Twitter and Instagram at @InnovateForward.
Manulife Financial Corporation is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions. We operate as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. At the end of 2015, we had approximately 34,000 employees, 63,000 agents, and thousands of distribution partners, serving 20 million customers. At the end of June 2016, we had $934 billion (US$718 billion) in assets under management and administration, and in the previous 12 months we made more than $25.4 billion in benefits, interest and other payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. Follow Manulife on Twitter @ManulifeNews or visit www.manulife.com or www.johnhancock.com.
SOURCE Manulife Financial Corporation