TD Bank enhances customer experience with AI-driven mortgage and insurance approvals

Digital Reinvention
18/05/2024 News

TD Bank Group (TD) has launched two advanced AI solutions to expedite mortgage pre-approvals and term life insurance application approvals, enhancing digital experiences for customers.

Digital Reinvention
15/05/2024 Article

Financial Innovation Spotlight: May 2024 edition

Accelerating mortgage pre-approvals

In August 2023, TD introduced an AI model to speed up credit decisions for mortgage and home equity line of credit (HELOC) pre-approvals. Developed by TD’s AI research center, Layer 6, the model can approve some applications within seconds, allowing underwriters to focus on more complex cases.

"Buying a home can be stressful, especially during periods of high interest rates," said Greg Brand, Vice-President, Homeowners Journey at TD. "Our new AI model helps ease the homebuying process by providing some pre-approvals within seconds."

Since its launch, the AI model has issued thousands of pre-approvals, significantly reducing wait times for customers.

Streamlining term life insurance approvals

In March 2023, TD Insurance introduced a machine learning model to streamline the term life insurance application process. This model quickly reviews and approves eligible applications, reducing approval times. With the growing number of life insurance applications, this AI solution ensures quicker responses for customers.

Valerie Gillis, SVP, Life and Health and Credit Protection at TD Insurance, stated, "Our machine learning model has transformed the term life insurance application process, significantly reducing wait times and enhancing customer experiences."

TD’s commitment to AI innovation

These AI solutions are part of TD's broader strategy to integrate advanced technologies across its services. Since acquiring Layer 6 in 2018, TD has expanded its AI and machine learning team, developed nearly 50 AI solutions, and filed over 450 patents related to AI. Layer 6 has also received recognition for its AI capabilities, including winning the ACM RecSys Challenge.

Luke Gee, Head of AI and Analytics at TD, emphasized, "We’re thrilled to announce these new solutions that can help drive value for our customers by making their experiences faster and easier to navigate."

These initiatives highlight TD's dedication to using cutting-edge AI technology to improve customer service and operational efficiency, setting a high standard for the future of digital banking and insurance services.

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