BMO Insurance announced on Oct. 30 the launch of an electronic application called SmartApp which enables advisors to prepare quotes and submit insurance applications online via a personal computer or tablet.
“The insurance industry is going through a digital transformation and companies are increasingly integrating technology into their business,” said Peter McCarthy, President and CEO, BMO Insurance in an announcement. “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.”
Reduces new business cycle times
BMO Insurance says SmartApp can help reduce new business cycle times and underwriting decisions can be made sooner.
The app allows advisors to manage e-signatures both in-person and remotely through a secure email link. In addition, clients can be protected with a free temporary accidental death benefit of up to $1 million while they are being underwritten. Advisors who are not contracted by BMO Insurance can use the app with a temporary ID and password.
Face-to-face term and critical illness insurance
Currently, SmartApp supports Face-to-Face Term and Critical Illness Insurance applications.
“This initiative is the first step of BMO Insurance’s multi-year digital strategy to support the MGA distribution channel,” says the company.