BMO Unveils Intelligent Digital Assistant Designed to Empower Insurance Advisors in Canada

BMO Insurance has announced the launch of a “first-of-its-kind” AI-powered digital assistant in Canada.

The intelligent assistant is “designed to enhance the field underwriting process for life insurance advisors,” according to a statement from BMO.

The digital assistant, integrated with Microsoft Azure OpenAI Service, provides advisors with a digital solution to help meet clients’ needs, says Rohit Thomas, chief executive officer BMO Insurance.

“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,” stated Thomas.

The launch of an AI product is part of BMO Insurance’s “broader focus on evolving the industry with digital enhancements that eliminate complexity and simplify the client experience,” the Big Five Canadian Bank says.

Designed with the advisor’s fieldwork in mind, the solution aids in real-time, on-the-ground underwriting processes. It automates research and supports advisors during client interactions, ensuring personalized engagement at every touchpoint.

“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,” believes Katarina Nikolic, Chief Corporate Underwriter at BMO Insurance.

“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,” added Chris Barry, President of Microsoft Canada.

The technology behind the assistant was rolled out internally in August and BMO anticipates a public rollout toward the end of the year.

“This is just the beginning,” CEO Thomas said. “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.”

BMO Insurance is part of the broader BMO Financial Group, the eighth largest bank in North America by assets (roughly $1.4 trillion).

Rival CIBC has also been actively adopting AI.