BMO Insurance Enhances its Accelerated Underwriting and Simplifies Requirements for New Life Insurance Coverage
Applicants may now qualify for up to $5,000,000 of total life insurance coverage without additional testing
TORONTO, Feb. 26, 2024 /CNW/ - BMO Insurance today announced enhancements to its accelerated underwriting program. As part of its digital first strategy, the enhancements help facilitate faster case processing, improving productivity for financial advisors, and making life insurance coverage more accessible to Canadians.
The enhancements are the result of a robust data analytics platform that has allowed BMO Insurance to replace the protective value of traditional diagnostic testing methods. Using targeted medical and lifestyle questions, additional testing may be avoided during the underwriting process. Furthermore, the electrocardiogram (ECG) requirement has been removed for all life products. The motor vehicle report requirement will also no longer apply for most ages and coverage amounts1. These changes further speed up and simplify the underwriting process.
The enhancements will apply up to and including:
$5,000,000 of coverage for applicants aged 18-40
$3,000,000 of coverage for applicants aged 41-50
$750,000 of coverage for applicants aged 51-60
"Investing in our data and analytics has been an important strategic driver for us over the past few years. Eliminating bottlenecks in the underwriting process has been a key part of our modernization effort," said Rohit Thomas, President and CEO, BMO Insurance. "These changes will help financial advisors save time and ensure consumers can get coverage in place faster and with less paperwork than ever before."
"BMO Insurance is committed to creating and moving towards a fully digital eco-system and 'paperwork' is altogether becoming a thing of the past," said Katarina Nikolic, Vice President and Chief Corporate Underwriter, BMO Insurance. "In addition to accelerated underwriting, the BMO Insurance SmartApp and SmartDelivery programs assist financial advisors in applying for new coverage and deliver approved policies through a more convenient and completely paperless experience, helping their clients make financial progress."
To find out more about Accelerated Underwriting at BMO Insurance, please click here.
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1 For life insurance coverages above $10M, the requirement may apply. |
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.3 trillion as of October 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
SOURCE BMO Financial Group
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