BMO Collaborates with Microsoft on AI Innovation to Enhance Insurance Experience

TORONTO, Oct. 16, 2024 /CNW/ - BMO Insurance today announced the launch of its new AI-powered digital assistant, designed to enhance the field underwriting process for life insurance advisors. This innovation, integrated with Microsoft Azure OpenAI Service, provides advisors with a cutting-edge digital solution to help them meet their clients' needs and is part of BMO Insurance's broader focus on evolving the industry with digital enhancements that eliminate complexity and simplify the client experience. The BMO Insurance AI-powered digital assistant utilizes generative AI technology and was rolled out internally August 2024 and is expected to launch externally as a phased roll out November 30, 2024.

As a first-of-its-kind digital assistant in the Canadian individual life insurance industry, BMO's AI-driven solution streamlines the field underwriting process by delivering instant access to critical information that empowers advisors to help address their clients' insurance needs. By reducing the time spent on complex queries and document searches, this AI solution helps speed up the field 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, 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."

Key Features of the BMO AI Solution:

• Field Underwriting Focus: Designed with the advisor's fieldwork in mind, the solution aids in real-time, on-the-ground underwriting processes.
• Efficiency and Speed: Automates research, offering quick access to field underwriting information and eliminating the need to sift through numerous documents.
• User-Friendly Interface: Supports advisors with a seamless experience during client interactions, ensuring personalized engagement at every touchpoint.

"Generative AI offers tremendous opportunities for the insurance industry, and this launch is a milestone that represents a significant step forward in enhancing the insurance experience for both advisors and clients," said Chris Barry, President of Microsoft Canada. "Congratulations to the BMO Insurance team on this launch – we look forward to continuing our collaboration to drive further innovation in the industry."

Helping Advisors Focus on the Needs of Their Clients

The BMO Insurance AI solution leverages technology to simplify the field underwriting process so advisors can focus on building stronger relationships with their clients to help them make real financial progress.

"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, BMO Insurance. "BMO Insurance is focused on providing advisors with cutting-edge digital solutions so they can help ensure Canadians have the personalized insurance they need and deserve."

The introduction of this AI-powered digital assistant builds on BMO Insurance's broader strategy to integrate advanced technologies across its operations underpinned by BMO's culture of governance and responsible use of data. As this innovation evolves, it will continue to provide greater value, further solidifying BMO Insurance's leadership position in the life and annuities sector.

About BMO Insurance

BMO Insurance is a trusted provider of a comprehensive range of insurance products and services, supporting the diverse needs of individuals, families, and businesses across Canada. Our offerings extend beyond life and annuities, encompassing creditor insurance, travel insurance, and pension risk transfer solutions. At BMO Insurance, we are committed to empowering advisors and clients alike with innovative tools, personalized service, and strategic insights that drive success.

As part of the broader BMO Financial Group, we are dedicated to helping our clients achieve their financial goals, backed by the strength and stability of one of North America's leading financial institutions. Our commitment to innovation and excellence ensures BMO Insurance's position as a trusted partner for advisors and clients, now and in the future.

About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society. 

SOURCE BMO Financial Group

Media Contact: Aaron Sobeski, Toronto, [e-mail], [phone]