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.
