BMO Insurance has rolled out a new tech initiative it is calling the “first step of a multi-year digital strategy” to support its managing general agent distribution channel.
The insurance division of the Canadian bank announced Monday it was launching SmartApp, an app for advisors to prepare quotes and submit insurance documents online.
The move is the first in a tech evolution for the MGA channel at the bank.
Peter McCarthy, president and CEO of BMO Insurance, said it was important to make insurance correspondence and documentation as simple as possible in today’s tech-forward environment.
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“We recognize that technology is playing a bigger part in how financial products are delivered to Canadians,” McCarthy said. “We are transforming our businesses by digitizing the experience for our advisors and clients, recognizing that they should have the option of reaching out to us or to an insurance advisor when they need one-on-one guidance.”
SmartApp, according to BMO, is an “intuitive, flexible and secure way for advisors to submit insurance applications directly to BMO Insurance.” The app helps “advisors [to] identify missing information and make changes using the built-in edits, giving them confidence that they’re submitting complete and accurate applications”.
McCarthy added: “The insurance industry is going through a digital transformation and companies are increasingly integrating technology into their business.
“With the introduction of SmartApp, BMO Insurance is taking that next step towards digitizing the life and critical illness application process in order to meet the evolving needs of advisors and clients.
The SmartApp, allows advisors to electronically submit applications to BMO Insurance using any personal computer or tablet device; manage e-signatures remotely through a secure link; protect clients with a free Temporary Accidental Death Benefit of up to $1 million dollars while they are being underwritten; and, the company says, increase workflow efficiency through personalized dashboards.
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