BMO Insurance says their new AI-powered assistant is the first in Canada for life insurance underwriting
BMO Insurance has announced the launch of its AI-powered digital assistant, which they say is designed to improve the field underwriting process for life insurance advisors.
The assistant, integrated with Microsoft Azure OpenAI Service, provides a digital solution to help advisors meet client needs. BMO Insurance says that this initiative is part of their broader focus on using digital enhancements to eliminate complexity and simplify the client experience.
According to BMO Insurance, this is the first digital assistant of its kind in the Canadian individual life insurance industry.
The AI-driven tool streamlines the field underwriting process by providing instant access to critical information, which helps advisors address their clients' insurance needs more quickly.
They stated that it reduces time spent on complex queries and document searches, thereby speeding up the overall process.
“BMO Insurance is proud to be the first provider in Canada to introduce an AI-enabled solution that helps accelerate the field underwriting process by eliminating complexities for advisors and clients,” said Rohit Thomas, president, and CEO of BMO Insurance.
“This is just the beginning. We're evolving, and as we do, our responsible use of AI enhancements will continue to focus on digital-first solutions that provide better support for our advisors and more exceptional service to their clients.”
Key features of the BMO Insurance AI solution include its focus on field underwriting, providing real-time support for advisors, automating research, and giving quick access to critical information. The solution also offers a user-friendly interface, helping advisors during client interactions.
Chris Barry, president of Microsoft Canada, commented, “Generative AI offers tremendous opportunities for the insurance industry, and this launch is a milestone that represents a significant step forward in enhancing the insurance experience for both advisors and clients.”
Read next: BMO bank stocks: are they worth the investment?
BMO Insurance promises that this AI solution will simplify the field underwriting process, allowing advisors to focus more on building relationships with clients.
Katarina Nikolic, vice president and chief corporate underwriter at BMO Insurance, said, “This innovation will transform the field underwriting process for advisors when meeting with their clients, offering answers to common medical underwriting questions right at their fingertips.”
BMO Insurance states that this launch is part of their strategy to integrate advanced technology across their operations, grounded in responsible data use. They also promise that as this solution evolves, it will add more value and further solidify BMO Insurance’s position in the life and annuities sector.
BMO Insurance rolled it out internally in August and will begin external phases starting November 30.
