TD leverages AI to boost customer service

TD leverages AI to boost customer service | Insurance Business Canada

Technology

TD leverages AI to boost customer service

Two new solutions streamlining processes for term life insurance and mortgage

Technology

By
Terry Gangcuangco

TD Bank Group (TD) is leveraging artificial intelligence-driven solutions to enhance the speed and efficiency of mortgage pre-approvals and term life insurance applications.

Luke Gee, head of AI and analytics at TD, emphasized the importance of AI technologies in improving customer service.

“The field of AI and machine learning is evolving, and as a leader in the industry, we continue to leverage the technology to help deliver faster digital banking and insurance experiences to our customers,” Gee said.

“We’re thrilled to announce two new solutions that can help drive value for our customers by making their experiences faster and easier to navigate.”

The two AI applications for mortgage and term life insurance have been in place at TD since August and March 2023, respectively. Both were developed by Layer 6, the AI research and development centre that TD acquired in 2018.

The AI model for mortgage was designed to quickly assess mortgage and home equity line of credit (HELOC) pre-approval applications, issuing pre-approvals within seconds for many applicants. Applications not immediately approved are escalated to underwriters, who can now focus more on complex cases.

Meanwhile, the machine learning model for TD Insurance streamlines the term life insurance application process. It quickly evaluates and approves eligible applications, substantially reducing waiting times.

“Our machine learning model has helped us transform the term life insurance application process for our customers, significantly shortening wait times so we can continue to deliver legendary experiences,” said Valerie Gillis, senior vice president for life and health and credit protection at TD Insurance.

The innovations are part of TD’s ongoing AI evolution, which includes a massive expansion of AI talent and development since Layer 6’s arrival. TD has increased its AI team from 15 to nearly 200 colleagues and has become a top patent filer in Canada with over 450 AI-related patent applications.

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