Manulife, a leading Canadian insurance company and financial services provider, today announced that it’s Lab of Forward Thinking (LOFT) is collaborating with Nervana Systems, a company that is building the next generation of intelligent applications.
Manulife’s LOFT will use these applications to develop an artificial intelligence and deep learning tool to analyze the high volume of online information, financial news, emails and documents that portfolio managers receive each day when researching investments.
“The complexity of the financial markets and vast amount of data generated make deep learning an ideal fit for financial services companies,” said Naveen Rao, CEO, Nervana Systems. “Nervana Cloud will help Manulife’s portfolio managers quickly organize, search and analyze new and historical financial data to make faster and more accurate investment decisions.”
Manulife’s LOFT is using deep learning to train a computer system so it can decipher natural language. By analyzing information, the computer then processes terms and words to infer meaning. It then has the capability to learn from that information, continuously improving itself. The Manulife LOFT project will utilize a deep learning-based natural language processing engine.
Using deep learning, Manulife will be able to analyze data and present recommendations that could help investment advisors and other professionals make informed decisions faster than ever before.
Manulife – and under its John Hancock brand in the United States – has established a global network of LOFTs in Boston, Toronto and Singapore. The Toronto LOFT located in the C-Suite (fintech cluster) at MaRS Discovery District in Toronto will be leading the project.
“This partnership with Nervana accelerates our development efforts and our understanding of this new technology,” said Greg Framke, Executive Vice President and Chief Information Officer, Manulife. “Deep learning and artificial intelligence technologies have the potential to enhance research efforts in virtually all areas of the company.”
Nervana Systems will be attending The AI Summit in San Francisco on 28-29 September. To find out more, and to join us at the Fort Mason Center in September, visit: theaisummit.com