In recent years, generative AI has taken center stage across many industries, revolutionizing how we handle data, communication, and repetitive tasks. Nowhere is this change more pronounced than in the insurance sector, where generative AI is streamlining processes, cutting down on repetitive tasks, and ultimately allowing brokers to better serve clients. At the forefront of this innovation is Blue Pond AI and their Broker Co-Pilot platform, specifically designed to address the unique needs of commercial insurance agencies.
In this post, we’ll dive into how generative AI and collaboration between insurtech solutions are fundamentally reshaping the commercial insurance landscape. We’ll explore the capabilities of generative AI, the benefits of insurtech partnerships, and why early adoption is essential for brokers and agencies looking to gain a competitive edge.
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 is one of the leaders in leveraging these advanced AI capabilities within the insurance sector. The company’s flagship product, the Broker Co-Pilot, 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 specialized needs of the industry, Blue Pond AI aims to help brokers save time, reduce errors, and optimize client outcomes.
What makes generative AI so valuable in commercial insurance? The answer lies in its ability to process vast amounts of data and perform complex language-based tasks that were once time-consuming and prone to human error. With tools like Blue Pond’s Broker Co-Pilot, generative AI doesn’t just perform these tasks; it also generates valuable insights that brokers can use to better understand their clients and improve their services.
One of the most critical areas where generative AI can make a significant impact is in the realm of policy checking and policy review. Both processes are essential, but they serve distinct functions in the insurance workflow.
Policy Checking
Policy Checking is an essential service these days that involves comparing a client’s new policy against the expiring and some times also the submissions sent to the carrier. This process ensures that the renewed policy aligns with the original terms and conditions, as well as what the agent asked for to be covered in the application. Given the focus on productivity and automated scanning and intake of applications by Carriers these days, there are a lot of errors between what an agent submitted or the coverages in the previous policy and what the carrier sent back in the new policy.
The problem is worse when dealing with policies with large schedules, like complex multi location property policies or commercial auto policies. Checking details of all listed properties and trucks can be very tedious and hard for humans – but this is exactly the kind of work that AI does instantaneously and with high accuracy.
By automating policy reviews, Blue Pond’s Broker Co-Pilot gives brokers an essential tool to verify renewals quickly and accurately, enabling them to provide more value to clients by catching any potentially problematic adjustments. This is by far the single biggest lever to reduce E&O risks to an agency and making sure that your clients don’t have to suffer a denied claim due to an error.
Policy Review
In contrast, Policy Review is the process of comparing a quote or a policy issued by a carrier to what is typically covered in similar policies. This is a quick review for the agent or broker to get a quick checklist of what should be covered based on typical terms, coverages etc., but unlike policy check, it does not verify that is indeed what the client needs or asked for, or if it aligns with what they paid for and bought last year.
Thus a policy review in essence, is a quick review not a comprehensive check.
Agents and broker have intimate knowledge of their client, their needs and which carrier and policy coverage suits them best. Yet, many struggle to communicate that to clients effectively, at least not without spending enormous amounts of time hand crafting complex presentations that are still hard to understand by a non insurance person. Two carriers could offer same limits, deductibles and premiums, but have vastly different coverage terms – so why should your client pay more for one or the other ?
This task often involves hours of meticulous cross-referencing, switching back and forth between documents, making detailed comparisons, reading coverage definitions, comparing forms and endorsements and noting differences.
Enter AI driven Quote comparison ! The basic purpose of this is to easily compare quotes from different carriers side by side, ensure they align with the broker’s requirements and client expectations.
BluePond Broker Co-Pilot automates this process by conducting a line-by-line analysis of quotes, identifying any mismatches or gaps in coverage, and presenting the information in an easily digestible format.
With Blue Pond’s Broker Co-Pilot handling Policy checking and review as well as Quote Comparison, brokers can be confident that every policy they handle is accurate, meets the client coverage needs and that you can engage your clients with confidence and that amazing wow factor!
Despite the clear benefits, new technology adoption has lagged in Insurance, often due to barriers like cost of implementation, resistance to change, and concerns over job displacement.
Cost Concerns and ROI
Insurance agencies often view technology as an expense rather than an investment, which can be a significant barrier to adoption.
On the contrary, tools like BluePond Broker CoPilot actually help agencies reduce cost whilst increasing capacity to take on more clients and improving client engagement by freeing up time to focus on client interactions and revenue-generating activities. With Blue Pond’s Broker Co-Pilot, agencies have seen cost reductions in their administrative tasks of upto 50%.
Fear of Job Displacement
There is often a misconception that automation will replace human jobs. However, tools like Blue Pond AI’s Broker Co-Pilot are designed to complement, not replace, the work done by brokers and account managers. Rather than handling the entire process, AI serves as an assistant, performing repetitive, low-value tasks so that employees can focus on high-value activities, such as client relationship management and cross-selling.
Improving Agency Culture
While it might seem counter intuitive, adopting AI can improve agency culture. By automating the mundane tasks, AI improve job satisfaction and reduces staff burnout by focusing on more intelligent and client facing work. As a result, agencies find that their employees are happier, more productive, and more engaged with their work.
If you are one of the many people who are intrigued, but hesitant or unsure how to go about this journey, all it takes is taking the first little baby step. The alternative of procrastination or not doing anything just means you are wasting precious money and increasing risks to your business.
Adoption of tools like Broker CoPilot doesn’t mean you have to let go or retrain your staff tomorrow or make major changes to how you operate. Trying out most of such tools is easy and often companies like BluePond will give agencies a free trial period to test out the solutions and get the base processes established.
What is different between BluePond and many other InsurTech companies is that they actually have deep insurance experience as well as latest generation AI capabilities, which very few companies do. As such people at BluePond understand the nuances of even the most complex insurance processes and are able to customize their technology to support agencies.
The services like Policy Checking and Quote Comparison are just the start. The possibilities are vast, and as generative AI technology becomes more sophisticated, its value to the industry will only grow and people who have a head start will grow their business leadership.
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One of the most critical areas where generative AI can make a significant impact is in the realm of policy checking and policy review. Both processes are essential, but they serve distinct functions in the insurance workflow.
Policy Checking
Policy Checking is an essential service these days that involves
comparing a client’s new policy against the expiring and some times also the
submissions sent to the carrier. This process ensures that the renewed policy
aligns with the original terms and conditions, as well as what the agent asked
for to be covered in the application. Given the focus on productivity and
automated scanning and intake of applications by Carriers these days, there are
a lot of errors between what an agent submitted or the coverages in the
previous policy and what the carrier sent back in the new policy.
The problem is worse when dealing with policies with large
schedules, like complex multi location property policies or commercial auto
policies. Checking details of all listed properties and trucks can be very
tedious and hard for humans – but this is exactly the kind of work that AI does
instantaneously and with high accuracy.
By automating policy reviews, Blue Pond’s Broker Co-Pilot
gives brokers an essential tool to verify renewals quickly and accurately,
enabling them to provide more value to clients by catching any potentially
problematic adjustments. This is by far the single biggest lever to reduce
E&O risks to an agency and making sure that your clients don’t have to
suffer a denied claim due to an error.
Policy Review
In contrast, Policy Review is the process of comparing a
quote or a policy issued by a carrier to what is typically covered in similar
policies. This is a quick review for the agent or broker to get a quick
checklist of what should be covered based on typical terms, coverages etc., but
unlike policy check, it does not verify that is indeed what the client needs or
asked for, or if it aligns with what they paid for and bought last year.
Thus a policy review in essence, is a quick review not a
comprehensive check.
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