Manulife's Lab of Forward Thinking (LOFT) is collaborating with indico data solutions, a Boston-based company that specialises in Deep Learning, as part of an effort to leverage best-in-class products and accelerate business adoption of innovative technologies such as Artificial Intelligence (AI), blockchain and virtual reality.
Manulife's LOFT will use indico's platform to develop an artificial intelligence (AI) and Deep Learning tool to analyse unstructured financial data.
Using Deep Learning, Manulife will be able to analyse data from news articles, analyst reports and other similar sources and present recommendations that could help investment researchers and portfolio managers make more informed decisions faster.
"Deep Learning, while proven in the realms of the Facebooks and Googles of the world, is just starting to come into its own as an enterprise capability," says Slater Victoroff (pictured), indico CEO and co-founder. "We have spent the past few years building a platform that significantly lowers the barriers of use around Deep Learning and this opens up tremendous potential around unstructured data analytics. John Hancock and Manulife are on the leading edge looking to more fully utilise their unstructured data assets to better serve their various constituents."
Manulife's LOFT is using indico's Deep Learning platform to decipher natural language and more efficiently train the computer to extract insights that can be tailored to each analyst's individual requirements – one of indico's core strengths. Manulife – and under its John Hancock brand in the US – has established a global network of LOFTs in Boston, Toronto and Singapore.
"indico will help us accelerate our use of Deep Learning to improve the decision-making capabilities of our analysts, portfolio managers and researchers," says Greg Framke, executive vice president and chief information officer, Manulife. "By introducing new capabilities that we know will add to our user experience and overall impact we will improve the customer experience."
The announcement follows on Manulife LOFT's recent collaboration with Nervana Systems to build the next generation of intelligent applications.
"Though it's early, we are now starting to see some compelling opportunities revolving around deep learning powered applications that can help knowledge workers become much more efficient," says Vishal Daga, chief customer officer, indico. "We are continuing to invest in our product capabilities to make it easier for our customers to deploy our product in this vein especially in the context of the financial services industry. We are thrilled about the innovative work that the Manulife team has been doing and look forward to continuing our partnership with them."