Manulife Hong Kong has announced a Memorandum of Understanding (MoU) with Alibaba Cloud, to establish a collaboration framework focussed on advancing responsible AI innovation and accelerating the deployment of AI technologies.
The partnership will also support the development of AI applications within Hong Kong’s insurance industry.
According to the MoU, by combining Manulife’s insurance and financial services expertise with Alibaba Cloud’s AI and cloud technologies, the two parties will explore opportunities to co-develop AI-enabled initiatives that enhance customer experience, operational effectiveness and sustainable long-term growth.
The collaboration will be guided by robust security, privacy and responsible AI principles, in line with applicable legal, regulatory and data governance requirements.
Under the partnership, Manulife Hong Kong and Alibaba Cloud will also explore the establishment of a joint AI hub to incubate next-generation AI applications and develop innovative use cases aligned with Manulife’s business priorities. The collaboration is expected to focus on embedding AI-powered solutions across digital customer journeys, including strengthening fraud detection capabilities and advancing service personalisation.
Lastly, the partnership provides a framework for identifying and evaluating potential co-development opportunities, pursuing go-to-market collaboration where appropriate and assessing emerging technologies that can deliver meaningful business impact, subject to further agreement between the parties and regulatory approvals.