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End-to-end digital application processing

Here’s how we digitally support you from end-to-end (application to delivery)

Updated
4 min. read

The pace of change at BMO Insurance is accelerating, and key initiatives continue to drive our momentum. To support you in this change, we offer a fully digitized end-to-end process for all life and critical illness insurance applications. Our solution was designed to meet you wherever you are – face to face or non-face to face.

Here’s how we digitally support you from end to end (application to delivery):

1. SmartApp (eApplication)

Our electronic application is designed to efficiently collect all required information to successfully submit a life or critical illness application that is ‘in good order’. For convenience, we have enabled approvals for you or your licensed assistant to complete the application.  Our full life suite of products is available for both face-to-face and non-face-to-face sales, allowing the application to work alongside you during the sales process.  At BMO Insurance, we provide you with a choice to complete the medical questions or go through our provider, Dynacare. We fully integrated all signatures and use plain language to support your application journey. 

By utilizing our electronic application your case will be in good order and automatically set up in our New Business system, thereby reducing errors and cycle time. Check out this video to see how SmartApp can benefit you!

2. Accelerated Underwriting 

It’s time to give Canadians a better experience when it comes to the life insurance application process. If your clients meet eligibility requirements, we’ll process their application through our Accelerated Underwriting program.

Our Accelerated Underwriting program uses data analytics to assess which life insurance applicants are eligible for approval without further medical testing. At the time of this article’s publication, 50% of life insurance applications to BMO Insurance are processed through our Accelerated Underwriting program.

We’ve recently increased our accelerated underwriting limits up to and including $5,000,000.  With this approach, your clients may qualify to be underwritten without any further medical tests or other requirements, which can help get their policies issued faster.

Get full details in the Frequently Asked Questions for Accelerated Underwriting

PLUS: On all life insurance products, we’ve removed Resting and Stress Electrocardiogram (ECG) requirements for all face amounts and ages.

“It’s time to give Canadians a better experience when it comes to the life insurance application process.”

3. Rules engine

We have strategically designed an interactive rules engine to ask key insurability questions that our underwriters need to assess your applications. In partnership with Dynacare, our medical evidence provider, we simultaneously automate and integrate the results of any lab work associated with your case. Our data analytics tools assess and support our straight through processing.

Over time, our predictive modelling capabilities will continue to provide insight into advisor behaviour and stratify our risks to benefit applicants and support competitive pricing for our advisors.

4. AI/predictive models

The use of Artificial Intelligence through the implementation of predictive modelling is emerging in the Canadian life insurance space. Some carriers have implemented models while others have not yet started. The goal is to be able to replace key protective value found in routine age/amount requirements without degradation of an insurer’s mortality. As a result, we can improve our risk assessment and reduce the need for certain biometric fluid tests, which increase our expenses and underwriting cycle time.

By adopting predictive modeling into our underwriting methodology, we’ve enhanced our Accelerated Underwriting program and cut the cost and inconvenience to applicants related to obtaining fluid based underwriting evidence.

5. SmartDelivery (eDelivery)  

Since its rollout last year, SmartDelivery has seen an immediate 65% adoption rate and only continues to grow! SmartDelivery is our default eDelivery solution for all eligible new life insurance and critical illness policies. With SmartDelivery, you control the delivery of the policy to your clients. Your clients also have the flexibility to electronically review, confirm acceptance, and download a copy of their insurance policies.

We deliver this while keeping all parties informed during the journey. This video details what SmartDelivery can do for you.

 

Our digital offerings in the application process allow us to serve you in the most effective manner and issue policies quicker for your clients. A win for everyone!

We look forward to continued innovation and improvement in all our processes, to provide you and your clients with simple but effective solutions.

Have questions?

Have a question or need some help? Get in touch with us.

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