bluepond.ai

Generative AI has quickly emerged as a game-changing tool across many business segments. Unlike earlier AI models, which relied on lots of training data to train models for very specific language, generative AI is powered by large language models (LLMs) capable of understanding, generating and processing language at a near-human level. These models can be designed to handle the complex language of insurance policies and understand nuanced terminology, which makes them an ideal fit for commercial insurance applications, such as enabling brokers to automate complex processes, increase productivity, and enhance client satisfaction. Blue Pond AI i s one of the leaders in leveraging these advanced AI capabilities within the insurance sector. The company’s flagship product, the Broker CoPilot, is an GenAI-driven platform built to manage various insurance-specific tasks, such as policy checking, quote comparison, underwriting COI generation, and submission ingestion. By focusing on the speci...

GenAI adoption in insurance has remained painful and slow, why? While GenAI has suddenly changed many aspects of our daily lives with its amazing capabilities, adoption in insurance remains slow and tedious. This isn’t due to a lack of need or interest from insurers. Instead, the delay stems from the complexity of insurance, which involves intricate processes, nuanced language in lengthy free-form documents and a high privacy, compliance and regulation-sensitive environment. Despite slow progress in various GenAI-enabled solutions, the gap between the need and potential of GenAI and its actual deployment remains wide. Why? A different app for each process: Over the years, point solutions have emerged to tackle specific tasks or processes but implementing each takes time and cost. No cross-learning: Each application is narrowly trained for its task, making it difficult to extract learnings or data from one to enrich another. Stuck at 80% accuracy: Despite seemingly high accuracy, the l...

Policy Checking: Converting a chore into a value-added service for your clients  For many insurance agencies, policy checking is often viewed as an optional, administrative task. However, as errors and omissions (E&O) claims continue to rise, this oversight carries increasingly significant consequences. Especially in hard markets, insurers are increasingly stringent on claims, particularly those of clients of smaller brokers and agents. Clients are also becoming more prone to litigating against anyone they can find a reason to!  Errors are growing, and the probability of it hitting you is getting higher!   The insurance industry is facing intensified complexities and increasing error risks due to automated submission ingestion, reliance on 3rd party data sources, outsourced data entry and increasing workflow complexity within carriers. This is resulting in growing mismatches between the coverage requested and what’s provided in quotes or policies. Ignoring policy che...