John Hancock introduces Quick Quote

John Hancock announced the launch of its generative artificial intelligence based underwriting support tool, Quick Quote, designed to help streamline the preliminary assessment process for purchasing life insurance. The company says that this tool is among the first reasoning-based GenAI quote-generating engines in the U.S. life insurance market.

The Quick Quote tool leverages GenAI to significantly reduce the manual and time-consuming nature of typical preliminary underwriting assessment processes for less complex cases, reducing the average time required from one day to 15 minutes. The engine is designed to process over 4,000 Quick Quote requests per month, allowing underwriters to focus their time on more complex inquiries and formal applications. Quick Quote was originally launched as a pilot at the end of 2024 and has since successfully supported over 20,000 cases.

“At John Hancock, we are always looking to leverage the most innovative technology to enhance and streamline the purchase experience for both our customers and our distribution partners, which is why we’re proud to bring the innovative GenAI-based Quick Quote tool to market. Quick Quote delivers faster, more consistent initial underwriting assessments in response to agent inquiries, enhancing our underwriting efficiency and creating a more frictionless experience.” – Brooks Tingle, president and CEO, John Hancock.

“Quick Quote isn’t just about efficiency – it’s about streamlining the life insurance purchase experience. By harnessing advanced AI capabilities in this way, we’re able to deliver faster initial assessments and make our solutions more accessible for advisors. This innovative benchmark will ultimately allow more families to tap into the value of our solutions to help them live longer, healthier, better lives.” – Hector Martinez, Head of Insurance, John Hancock.