BMO Insurance

What BMO Insurance does

BMO Insurance is the personal insurance and investment-products division of Bank of Montreal (BMO Financial Group, TSE: BMO), formally integrated into BMO in 2009 and operating from Toronto, Canada with 217 employees. The division underwrites and distributes a comprehensive portfolio of personal insurance products, including life insurance (term, universal, whole life, Term 100), critical illness, investment products (Guaranteed Investment Funds and Income Annuities), creditor and mortgage insurance, and travel insurance, alongside Health & Dental and Pet Insurance products distributed through its licensed brokerage subsidiary, BMO Insurance Solutions Inc. (BMOIS). For Health & Dental and Pet Insurance, BMO Insurance operates a capital-light brokerage model, partnering with Green Shield Canada Insurance (underwriter for Health & Dental plans) and Trupanion/GPIC Insurance Company (underwriter for Pet Insurance, featuring VetDirect Pay direct-to-vet payment technology).

Revenue is generated through recurring subscription/premium streams across all product lines, supplemented by management and administration fees on investment products. Distribution combines a digital-first channel — the BMOIS Store (bmoinsurance.com/store) and the Walnut Portal / BMOIS+ mobile app — with licensed insurance advisors reachable by phone and through callback forms, and the BMO bank branch and online banking network for creditor and mortgage insurance cross-sell. Marketing is conducted through content marketing (the Good Reads hub), email newsletters, SEO, and social media on Twitter, LinkedIn, and YouTube. The customer base is broadly horizontal across individual Canadians, BMO banking customers, and pet owners across Canada, with pet insurance also available in the United States and Puerto Rico. Rohit Thomas serves as President of BMO Insurance.

Name

BMO Insurance

Legal name

BMO Insurance Solutions Inc.

Website

https://bmoinsurance.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

101–250 employees

Short description

BMO Insurance is the personal insurance and investment products division of Bank of Montreal (BMO Financial Group), underwriting and distributing life, critical illness, creditor, mortgage, travel, Health & Dental, and Pet Insurance to individual Canadians across digital and advisor-led channels.

Ownership category

akta.pro rank

Product category

Personal Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Life Insurance Carriers (524113), Agencies, Brokerages, and Other Insurance Related Activities (5242), Direct Health and Medical Insurance Carriers (524114)

SIC

Life Insurance (6311), Insurance Agents, Brokers & Service (6411), Accident & Health Insurance (6321)

akta.pro primary industry

Individual Supplemental Health (Hospital Indemnity, Critical Illness, Accident) (FSAIAEAD)

akta.pro secondary industries

Non-Participating Whole Life Insurance (FSAIABAJ), Dental Insurance (FSAIAHAA), Standalone Critical Illness Insurance (FSAIAKAA)

Keywords

• Personal insurance products
• Life insurance coverage
• Health and dental insurance
• Pet insurance plans
• Creditor insurance protection

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Life Insurance Premiums: BMO Insurance generates revenue through term life, permanent life (universal life, whole life, Term 100), and critical illness insurance premiums paid by policyholders on a recurring basis.
2. Investment Product Fees: Revenue from Guaranteed Investment Funds and Income Annuities products, including management and administration fees.
3. Health & Dental Insurance Premiums: Underwritten by Green Shield Canada Insurance, distributed by BMO Insurance Solutions Inc. Generates revenue from Health & Dental insurance premium payments across Simple, Simple Plus, Simply Dental, and Simply Drugs plans.
4. Pet Insurance Premiums: In partnership with Trupanion, underwritten by GPIC Insurance Company. Revenue from pet insurance premiums offering up to 90% coverage for eligible vet bills with no payout limits.
5. Creditor Insurance: Credit and loan protection products including mortgage insurance, loans and line of credit protection, and credit card balance protection.
6. Travel Insurance: Travel insurance products offered as single and multi-trip coverage options.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

BMO Insurance provides personal insurance and investment products to Canadian consumers under the BMO Financial Group brand, including life insurance (term, universal, whole life, Term 100), critical illness coverage, creditor and mortgage insurance, travel insurance, and investment products (Guaranteed Investment Funds, Income Annuities). Through its digital-first BMOIS Store, it also distributes Health & Dental Insurance underwritten by Green Shield Canada and Pet Insurance offered in partnership with Trupanion, allowing customers to shop, compare, and apply online.

Product overview

BMO Insurance is a comprehensive insurance provider offering a diverse portfolio of products under the BMO Financial Group brand (since 1817). The core offerings include Life Insurance (with Term Life, Universal Life, Whole Life, and Term 100 variants), Critical Illness Insurance, Investment Products (Guaranteed Investment Funds and Income Annuities), Credits & Loans Protection, Mortgage Insurance, and Travel Insurance. Additionally, BMO Insurance operates The BMOIS Store—a digital-first platform powered by BMO Insurance Solutions Inc.—that provides simplified access to Health & Dental Insurance (underwritten by Green Shield Canada, with Simple, Simple Plus, Simply Dental, and Simply Drugs plan tiers) and Pet Insurance (offered in partnership with Trupanion with up to 90% coverage, no payout limits, and direct-to-vet payments via VetDirect Pay). The company also provides online calculators and customer portals for policy management.

Differentiator

Problem solved

Functional benefit

Brands

• BMO Health & Dental Insurance: Health and dental insurance products distributed by BMO Insurance Solutions Inc. and underwritten by Green Shield Canada Insurance. Offers Simple, Simple Plus, Simply Dental, and Simply Drugs plans.
• BMO Pet Insurance

Products and services

• Life Insurance
• Critical Illness Insurance
• Investment Products
• Credits & Loans Protection
• Mortgage Insurance
• Travel Insurance
• Health & Dental Insurance
• Pet Insurance

Quantifiable outcome

• Up to 90% of eligible vet bills covered for pet insurance
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• TrupanioncoreStrategic or Co-development PartnerBMO Pet Insurance is offered in partnership with Trupanion, a leading pet insurance provider. Trupanion policies are underwritten by GPIC Insurance Company. The partnership enables BMO to offer comprehensive pet insurance with up to 90% coverage, no payout limits, and direct-to-vet payment capabilities through VetDirect Pay technology. Canada Pet Health Insurance Services, Inc. (CPHIS) doing business as Trupanion is a registered damage insurance agency and claims adjuster in Quebec (#603927).
• Green Shield Canada InsurancecoreStrategic or Co-development PartnerBMO Health & Dental Insurance is underwritten by Green Shield Canada Insurance and distributed by BMO Insurance Solutions Inc. (BMOIS). Green Shield Canada provides the insurance product backing while BMOIS handles distribution through the digital BMOIS Store platform. For more information, call 1 844-701-3201.
• GPIC Insurance CompanycoreStrategic or Co-development PartnerGPIC Insurance Company underwrites Trupanion pet insurance policies distributed by BMO Insurance Solutions Inc. and Canada Pet Health Insurance Services, Inc. (CPHIS).

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Canada Life: Canada Life (a Great-West Lifeco subsidiary) is a major Canadian life, health, and wealth insurer — comparable to BMO Insurance in individual life, Critical Illness, and investment/segregated fund offerings.
• Manulife Financial: Manulife is one of Canada's largest life and health insurers, directly underwriting individual life, group benefits, and wealth products — comparable to BMO Insurance's core life, Critical Illness, and investment (GIF/Annuity) product lines.
• RBC Insurance: RBC Insurance is the in-house insurance arm of Royal Bank of Canada and is the closest structural parallel to BMO Insurance: a Canadian big-five bank-owned insurer distributing life, health, travel, and creditor products through both advisor and digital channels to its bank's customer base.
• Desjardins Insurance: Desjardins Insurance is the in-house insurer of Desjardins Group (Canada's largest cooperative financial group), offering life, health, auto, and creditor products to Quebec and Canadian consumers — comparable bank/cooperative-owned insurer with similar Canadian footprint.
• IA Financial Group: iA Financial Group is a Canadian life and health insurer offering individual life, health/dental, and wealth products through advisor and digital channels — directly comparable to BMO Insurance's life, supplemental health, and investment product portfolio.
• Sun Life Financial: Sun Life is a major Canadian life and health insurer offering individual life, health/dental, and wealth products through both advisor and digital channels — directly overlapping with BMO Insurance's life, Critical Illness, and Health & Dental portfolio.
• TD Insurance: TD Insurance is the insurance subsidiary of TD Bank Group, offering life, health, home/auto, and travel coverage to Canadian consumers via advisor and online channels — directly comparable bank-owned insurance model competing for the same customer segments as BMO Insurance.
• CIBC Insurance: CIBC Insurance is the insurance arm of Canadian Imperial Bank of Commerce, offering creditor, life, and travel products to CIBC banking customers — directly comparable bank-affiliated distribution model to BMO Insurance's creditor and life lines.
• Green Shield Canada: Green Shield Canada is the health and dental insurer underwriting BMO Insurance Solutions' Health & Dental product line. As a not-for-profit health and benefits carrier it is both partner and a direct competitor in the Canadian individual and supplemental health market.

Emerging players

• Trupanion: Trupanion is BMO Insurance's pet insurance partner and the underlying product provider behind BMO Pet Insurance (with VetDirect Pay). As a pure-play pet insurer it is both partner and a competing product in the same category across North America.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/bmo
• YouTubeyoutube.com/c/BMOInsurance1
• LinkedInlinkedin.com/company/bmo-insurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BMO Insurance