Sun Life has developed and launched a generative AI-powered notes assistant tool that summarizes client meetings for advisors, creates action items and drafts follow up emails, the insurer announced Thursday.
Nearly two-thirds of advisors (65%) who participated in a pilot test of the tool reported time savings of more than 30 minutes per meeting, Sun Life claimed. The pilot ran for nine months in total, with 30 advisors participating during the first six months and another 15 joining for the final three months.
Dave Giles, a Sun Life advisor at Stonewater Financial Group in Toronto, said he saves another 30 minutes for each wealth management client as the AI fills in all the compliance forms for his review, which now only takes him five to 10 minutes.
The tool can pick up personal details from the meeting such as names of family members and pets, said Giles, who has been part of the pilot program and has used the AI since April.
U of T and Vanguard collaborate on AI research
Vanguard Investments Canada and the University of Toronto are partnering to research AI applications for investors and the financial services industry, Vanguard announced in a release.
The University of Toronto’s Department of Computer Science will establish several labs with professors, postdoctoral fellows and students to collaborate with Vanguard’s Toronto-based AI research team.
Initial research will focus on responsible AI principles, developing AI systems that interact naturally with humans, creating AI systems capable of independent decision-making, and training large language models to improve reliability.
The initiative will expand Vanguard’s AI team in Toronto to 90 roles and provide internship opportunities for University of Toronto students.
Valsoft acquires AML software firm Alessa
Montreal-based software acquisition company Valsoft Corp. has acquired Ottawa-based anti-money laundering compliance and fraud prevention software firm Alessa.
This marks Valsoft’s first entry into the financial risk management sector.
Founded in 2006, Alessa is used by over 180 organizations in more than 20 countries, providing compliance software for banks, insurers, mortgage lenders and casinos, among other industries.
Alessa will continue operating independently, retaining its team and CEO Holly Sais Phillippi.
Canada Life invests in estate planning tech firm
Canada Life made an equity investment in online estate planning company ClearEstate and will refer some clients and plan members to ClearEstate’s services, the Winnipeg-based insurer announced this week.
Terms of the deal were not disclosed.
ClearEstate offers estate planning, settlement and executor services. Founded in 2020, it has received investment from Diagram Ventures, OMERS Ventures and NAventure, among others. It has offices in Toronto, Montreal and California.
Last October, IG Wealth Management began integrating ClearEstate into its client portal. IG’s parent company, IGM Financial, also invested in ClearEstate.