Manulife Philippines, one of the country’s top insurers, said Tuesday it plans to migrate all its corporate technology assets to the cloud by end-2024 to support its digital transformation journey.
The company said it is embracing digital transformation to help achieve its business goals as part of its Drive to Cloud initiative.
The initiative prioritizes quicker time-to-market, scalability, increased reliability, enhanced performance, and operational cost-efficiency, it said.
Manulife Philippines said this would help strengthen the company’s security and possible disruptions, risks, and cyberthreats brought by future innovations by ensuring preparedness and risk mitigation.
It said that by integrating AI-powered employee enablement tools in its daily functions, the company would explore ways on how to boost efficiency and productivity as well as streamline overall operations.
“We stay at the forefront of technological advancements such as AI, cloud computing and mobile technologies to enable our distribution teams in their sales activities,” said Manulife Philippines chief information officer Ivan Buenaventura.
“These technologies serve as great partners to equip and empower our agency force to thrive and stay true to our commitment to customers amid a fast-paced business environment and hyper-digitalized market,” he said.
Manulife Investment Management Philippines also saw an increase in new investors, particularly among millennials and Gen Zs.
“Since the onset of the pandemic, the total number of our millennial and Gen Z clients has more than doubled, accounting for more than half of our client base. Based on our study, the pandemic fast-tracked their financial transformation, particularly because some of them lost their jobs or experienced reductions in their total family income as a result of the economic disruptions. This caused shifts in their behavior that emphasize the importance of saving, investing, and prioritizing necessities,” said Paul Lu, head of Manulife Philippines wealth solutions.
Lu underscored the importance of sound financial planning with clear goals and risk assessments before venturing into investments. “A trusted financial professional can help you navigate investment options and make informed decisions,” he said.
Manulife Investment Management Philippines offers Manulife iFUNDS, a user-friendly digital platform for investing in their diverse range of unit investment trust funds (UITFs) starting from P1,000 or $100.
