BMO Insurance has launched a new AI-powered digital assistant to improve the field underwriting process for life insurance agents.
This innovation, powered by Microsoft Azure OpenAI Service, offers advisers advanced digital support to help them meet their clients’ demands. It is part of BMO Insurance’s overall aim to utilize digital innovations that streamline client interactions.
BMO’s solution, described as the first AI-powered digital assistant of its sort in the Canadian individual life insurance business, is intended to streamline the field underwriting process.
The underwriting process is eventually sped up since advisers have instant access to vital information, saving time on intricate questions and document searches.
The president and CEO of BMO Insurance, Rohit Thomas, stated, “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.”
“This is only the start. We’re changing, and with it, our prudent application of AI advancements will keep concentrating on digital-first solutions that offer our advisors greater support and their clients even better service.
The AI solution provides advisers with real-time support and is specifically developed for field underwriting. By giving users immediate access to important information, it streamlines research by cutting down on the time spent looking through numerous documents.
With its intuitive interface, advisers can interact with customers effortlessly and provide tailored support at every phase of the process.
In highlighting the possibilities of AI technology, Chris Barry, president of Microsoft Canada, said, “Generative AI offers tremendous opportunities for the insurance industry.”
He also emphasized the importance of the BMO Insurance launch and how it will improve advisors’ and clients’ insurance experiences. Barry went on to say that Microsoft is eager to keep working with BMO to promote innovation in the sector.
BMO Insurance thinks that by streamlining the field underwriting procedure, this AI-powered assistant will allow advisors to concentrate more on the needs of their clients.
According to Katarina Nikolic, vice president and chief corporate underwriter at BMO Insurance, “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.”
She went on to say that the business is committed to giving advisors cutting-edge digital tools so they can make sure Canadians have the specialized insurance they need.
Utilizing generative AI technology, the assistant was introduced internally in August and will go through a gradual external introduction starting on November 30.
