Toronto-based BMO Life Assurance Co. (BMO Insurance) has launched a new electronic insurance application that lets insurance advisors submit new business online.
The new application, called SmartApp, accelerates new business processing and enables underwriting decisions to be made sooner.
Advisors can use the new application to submit insurance applications electronically to BMO Insurance using any computer or tablet. The application flags any missing information to help advisors ensure that they’re submitting complete and accurate applications. SmartApp also facilitates the use of e-signatures.
Currently, SmartApp supports applications for term life insurance and critical illness insurance.
The initiative represents the first step in a new multi-year digital strategy at BMO Insurance to support the managing general agency (MGA) distribution channel, the company says in a news release issued on Monday.
“The insurance industry is going through a digital transformation and companies are increasingly integrating technology into their business,” says Peter McCarthy, president and CEO at BMO Insurance, in a statement. “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.”
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