Manulife is teaming up with the Waterloo Artificial Intelligence Institute at the University of Waterloo to look into disability claim prediction as well as fraud detection and natural language comprehension in customer service.
The partnership between the financial services provider and the insurance company will last four years and will cost the company $400,000.
READ MORE: Shoppers Drug Mart, Manulife partner in enhanced medical marijuana insurance
“Customer expectations are evolving and are increasingly driven by the power of technology,” Cindy Forbes, Manulife’s chief analytics officer, said in a statement. “This partnership with Canada’s top university in computer science and engineering is well matched with Manulife as we transform into a digital, customer-centric leader.”
The grant will also fund research into intelligent systems and will also support yearly AI prizes for students.
READ MORE: Manulife slashing 700 jobs as company looks to restructure
“AI is proving to be one of the most important technologies of our time and will have a significant impact on our economy and the lives of Canadians,” University of Waterloo president Feridun Hamdullahpur said.
“The University of Waterloo is committed to working with industry leaders like Manulife to ensure that we understand and benefit from the opportunities and impacts of this technology.”