AI-powered innovation transforms life insurance underwriting for BMO advisors

Insurance
06/11/2024News

BMO Insurance has launched a groundbreaking AI-powered digital assistant, set to revolutionize the field underwriting process for its life insurance advisors. Developed in partnership with Microsoft’s Azure OpenAI Service, this cutting-edge tool is designed to simplify the life insurance experience, providing BMO advisors with real-time access to critical information and empowering them to deliver more personalized support to clients. After an internal rollout in August 2024, the assistant will begin a phased external launch on November 30, 2024.

Streamlining the underwriting process with AI

As the first digital assistant of its kind in Canada’s individual life insurance sector, BMO’s AI solution harnesses generative AI to streamline complex underwriting tasks. The tool automates data access, allowing advisors to reduce time spent on extensive document searches and enable faster decision-making. By increasing efficiency, this innovation frees BMO advisors to focus more on meaningful client engagement, ensuring a smoother, more personal experience.

A commitment to responsible AI-driven solutions

Rohit Thomas, President and CEO of BMO Insurance, emphasized the company's dedication to advancing digital-first solutions that benefit both advisors and clients. “We’re proud to lead the way in Canada with an AI-driven tool that simplifies the field underwriting process,” said Thomas. “Our focus on responsible AI innovation reflects our commitment to providing exceptional support and improving the client experience.”

Key features and strategic value

Key features of this AI-powered assistant include its underwriting focus tailored for in-field use, an intuitive interface that simplifies client interactions, and quick access to essential data. This launch builds on BMO’s broader technology integration strategy, underscoring its leadership in the life insurance industry and its commitment to enhancing advisor-client relationships. As this solution evolves, BMO Insurance aims to further cement its position as an industry innovator, dedicated to making life insurance more accessible and client-centered.

Register to be kept informed of our next publications

Related news & insights

Mobility
22/11/2024News

InsureMyTesla launches in Turkey with innovative coverage and digital experience

For the first time, Tesla owners in Turkey can benefit from the new InsureMyTesla program, launched through a collaboration between...

22/11/2024News

BBVA drives innovation with ChatGPT enterprise deployment

In just five months since distributing 3,000 licenses across all levels of the organization, 83% of users have adopted the...

Insurance
21/11/2024Article

Insurance Innovation of the Month: AI-powered Agent Virtual Assistant by Santalucía Seguros

Opening a new round of Qorus Innovation in Insurance Awards, we are pleased to announce this month’s winner: Santalucía Seguros’...

Digital Reinvention
20/11/2024Article

Revolutionizing financial services: The limitless potential of BaaS

In this article, Fatih Ogun, Head of Strategy at Akbank, sheds light on the concept of BaaS, its emerging use-cases...

19/11/2024Article

Qorus celebrates the success of its recent leaders roundtables

As demand grows for peer-to-peer intelligence in the banking industry, Qorus has stepped up with a unique approach: highly targeted,...

Digital Reinvention
18/11/2024Study

Innovation Radar: Reinvention Awards MEA winners 2024

The winners of the awards were announced at an in-person awards ceremony in Dubai on 22 October.

SME Banking
18/11/2024News

ANZ and CitoPlus join forces to simplify SME loan applications

This approach simplifies the loan process, leading to faster broker response times and better access to financing for business customers.

Embedded Insurance
17/11/2024News

Mercedes-Benz partners with Wrisk for flexible insurance solutions

This collaboration will utilize Wrisk’s digital platform and expertise in intermediary services to deliver a flexible, subscription-based car insurance model.