Canadian insurance company Manulife is set to launch a whole life insurance product and an artificial intelligence algorithm, as part of a strategy to further boost its position in the country’s insurance market.

The new proposition, Manulife Par, also marks Manulife re-entering into participating whole life insurance market.

Manulife stated that the launch of its new artificial intelligence decision algorithm will enable Canadians to buy basic life insurance plans to address the ‘protection gap’ in Canada.

Recently, the insurer expanded its Manulife Vitality programme to all of its term products and plans to expand the rewards in the programme over the coming months.

The Manulife Vitality programme encourages Canadians to live a healthier life by providing them the opportunity to receive discounts on their insurance and gains access to a growing set of reward partners.

Manulife head of individual insurance Alex Lucas said: “Not only do we expect strong growth from our new par product and our recently expanded Manulife Vitality programme, we also expect increased efficiencies as a result of the launch of our new artificial intelligence tool for underwriting which will dramatically reduce turnaround times for many of our customers’ applications.”

“With the launch of Manulife Par and our continued investment in modernising our business, we are confident we have the innovative solutions Canadians are looking for.”