BMO Insurance debuts AI tool described to simplify field underwriting, launching externally by November
BMO Insurance has introduced a new AI-powered digital assistant designed to enhance the field underwriting process for life insurance advisors.
This innovation, powered by Microsoft Azure OpenAI Service, provides advisors with advanced digital support to help meet their clients' needs. It forms part of BMO Insurance’s broader strategy to incorporate digital advancements that simplify client interactions.
Described as the first AI-powered digital assistant of its kind in the Canadian individual life insurance industry, BMO’s solution aims to streamline the field underwriting process.
It gives advisors immediate access to critical information, reducing time spent on complex queries and document searches, which ultimately speeds up the underwriting 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.”
The AI solution is specifically designed for field underwriting and offers real-time support to advisors. It automates research by providing instant access to key information, significantly reducing the time spent sifting through various documents.
Its user-friendly interface ensures that advisors can engage with clients in a seamless manner, offering personalized interaction at each stage of the process.
Chris Barry, president of Microsoft Canada, highlighted the potential of AI technology, stating, “Generative AI offers tremendous opportunities for the insurance industry.”
He also acknowledged the significance of the BMO Insurance launch, emphasizing its role in enhancing the insurance experience for advisors and clients. Barry added that Microsoft looks forward to continuing its collaboration with BMO to drive innovation in the industry.
BMO Insurance believes that this AI-powered assistant will enable advisors to focus more on their clients' needs by simplifying the field underwriting process.
“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,” said Katarina Nikolic, vice president and chief corporate underwriter at BMO Insurance.
She added that the company is dedicated to providing advisors with state-of-the-art digital tools, helping ensure Canadians receive the personalized insurance they require.
The assistant, which uses generative AI technology, was rolled out internally in August and will begin a phased external launch on November 30.
