Manulife launched a new whole life insurance product and an artificial intelligence (AI) algorithm for underwriting on Tuesday.

The insurer introduced Manulife Par, re-entering the whole life insurance market, a release said.

It also became the first Canadian insurer to underwrite using AI, the release said, a tool it expects will reduce the turnaround time for customer applications.

“This tool leverages Manulife’s many years of internal underwriting data and growing analytics capabilities to make it faster for many Canadians to buy basic life insurance,” the release said.

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