BMO Insurance announces underwriting enhancements
BMO Insurance announces underwriting enhancements | Insurance Business Canada
Life & Health
BMO Insurance announces underwriting enhancements
Changes include removal of certain requirements
Life & Health
By
Terry Gangcuangco
BMO Insurance has unveiled significant improvements to its accelerated underwriting process as part of the provider’s digital-first approach to offering life insurance to Canadians.
By integrating advanced data analytics, BMO Insurance is now able to forego traditional diagnostic tests in many cases, relying instead on specific medical and lifestyle questions.
The shift not only speeds up the underwriting process but also eliminates the need for electrocardiogram tests across all life insurance products. Additionally, for a majority of coverage amounts and ages, the motor vehicle report requirement has been removed as well.
The changes apply to coverage limits set at up to $5 million for those between 18 and 40 years old, $3 million for the 41-50 age group, and $750,000 for those aged 51 to 60.
Rohit Thomas, president and chief executive of BMO Insurance, noted: “Investing in our data and analytics has been an important strategic driver for us over the past few years. Eliminating bottlenecks in the underwriting process has been a key part of our modernization effort.
“These changes will help financial advisors save time and ensure consumers can get coverage in place faster and with less paperwork than ever before.”
Katarina Nikolic, vice president and chief corporate underwriter at BMO Insurance, also emphasized the shift towards a digital ecosystem.
“BMO Insurance is committed to creating and moving towards a fully digital ecosystem, and ‘paperwork’ is altogether becoming a thing of the past,” Nikolic declared.
“In addition to accelerated underwriting, the BMO Insurance SmartApp and SmartDelivery programs assist financial advisors in applying for new coverage and deliver approved policies through a more convenient and completely paperless experience, helping their clients make financial progress.”
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