iA Financial Group is embracing artificial intelligence (AI) with the FICO Platform to automate its life insurance underwriting process.
Managing nearly $260 billion in assets and serving over five million clients, the company is leveraging AI to enhance decision-making speed, improve risk assessment, and increase operational efficiency.
By integrating the FICO Platform, iA said it can process a high volume of underwriting decisions in real time, which the company says supports its strategy to streamline workflows and improve the overall client experience.
Philippe Cleary, vice president of Underwriting, New Business & Claims, Individual Insurance, Savings and Retirement, highlighted that the platform's automation helps advisors and clients navigate the process more effectively while allowing underwriters to focus on complex cases.
The move is also intended to improve visibility into policy submissions and optimize the application process, which iA reports has led to higher policy conversion rates.
The company emphasized that the platform strengthens its ability to manage risk exposure while complying with regulatory standards, providing clients with the confidence that their insurance products are both secure and well-managed.
AI is gradually transforming the Canadian insurance industry, with insurers increasingly using it to improve underwriting, claims processing, pricing, and fraud detection.
According to a 2025 study by the Canadian Association of Financial Institutions in Insurance (CAFII) and Deloitte, more than 60% of insurers expect AI to significantly impact underwriting and claims processing over the next few years. Despite the promise of AI, challenges such as legacy systems and regulatory considerations continue to shape the pace of adoption.
Meanwhile, a 2024 survey by IBM found that while 51% of insurance executives view generative AI as an opportunity, 49% remain cautious, acknowledging both the potential and the risks of integrating AI into established insurance frameworks.
For iA Financial, its use of AI is part of a broader effort to remain competitive in the evolving insurance landscape. By automating routine tasks and refining workflows, the company aims to improve operational efficiency and enhance the client experience.
