Manulife and John Hancock’s Lab of Forward Thinking (LOFT)

Manulife’s Lab of Forward Thinking (LOFT) is an initiative by Manulife to embrace emerging technological trends in the face of impending disruption by smaller, nimbler start ups. Through LOFT labs in Boston, Singapore and Toronto, Manulife is fostering an environment where ideas are prototyped and launched without the layers of approval that typically accompanies a new initiative in multinationals. Manulife provides the tools, resources and programs to people within the company to champion and work on ideas. Importantly, Manulife’s LOFT has been given a broad mandate to pursue concepts on a test and iterate basis, free from the commercial restraints and bureaucracy that typically stymies innovation within large companies.

Manulife provides the tools, resources and programs to people within the company to champion and work on ideas. The fail-fast and lean start-up culture at LOFT ensures every worthy idea gets a fighting chance.

Launched in 2015, LOFT is forging new partnerships and hiring key technical talent to explore the risky yet promising fields of augmented reality, blockchain technologies, cognitive computing, machine learning and predictive analytics.

Additionally, LOFT is collaborating with ConsenSys and BlockApps on the blockchain front and Nervana Systems and Indico Data Solutions to push the boundaries of data analytics. LOFT has already showcased a number of analytics and sensor based innovations including an umbrella that opens automatically depending on the volume of rain it detects.

Essentially, by launching an internal digital lab such as LOFT, Manulife is signalling to the market that it is aware of the impending disruption within insurance. Although early stage concepts have a high failure rate, fostering a culture of innovation and tolerance for such ideas is typically difficult to maintain in multinational insurers.

Benefit to Customers

• Innovative tools and services.
• Data driven, personalized products.
• Cost reduction through usage based premiums.

Benefit to the Insurer

• Gain insights and access into emerging technologies and startups that will disrupt the industry.
• Tap opportunities for new business lines, products, services, and new technology that enhances underwriting and claim settlement efficiency.
• Acquire and retain technical talent that can bridge the gaps between current insurance products and disruptive technologies.

At the root of any technological or commercial innovation lies one constant – people. Ultimately, the war for talent will dictate the winners and losers of the digital insurance revolution. Countless insurers have established innovation labs to explore Blockchain, IoT technology and A.I.  Although legitimate questions remain regarding the maturity and use cases that each of these technologies represent to the insurance industry, it seems that the ability to source, support and ultimately partner with the most promising startups in each of these fields will be key for insurers such as Manulife to gain access to new forms of distribution, underwriting and product innovations.

Manulife Launches New Lab of Forward Thinking Location in Singapore

LOFT LinkedIn

John Hancock’s Innovation Lab