‍BluePond AI, a BTV 2024 Accelerator Startup, Utilizes Broker CoPilot to Provide GenAI-Backed Policy Checking

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BluePond AI, a BrokerTech Ventures (BTV) 2024 Accelerator insurtech startup, is updating the historically tedious and manual process of Policy Checking by automating the process through the Broker CoPilot system. 

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Directed toward commercial insurance operations for brokers, carriers, and reinsurers, the Broker CoPilot system leverages Generative Artificial Intelligence (GenAI) to provide a full-picture view into both broad commercial policy variables and the intricate details of policy contract language – accurately, less expensively, and providing auditable transparency – in minutes rather than hours. “One of the greatest pain points in the industry is the back-room operations of retail and wholesale brokers, specifically, the laborious task of Policy Checking”, says Rich Stamets, Chief Commercial Officer at BluePond AI. The Broker CoPilot system changes this. 

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Unique Value Proposition

BluePond AI was born from the vision of the founder Pranav Pasricha. After identifying the labor-intensive and error-prone process of Policy Checking, Pasricha assembled a team of insurance professionals with expertise throughout the industry to build a digitally focused solution addressing this pain point. "Our founder assembled an elite group of engineers to tackle this issue, leveraging the latest in LLMs and GenAI," Stamets shares. "The result –- BluePond's Broker CoPilot system."

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BluePond AI was born from the vision of founder Pranav Pasricha. After identifying the labor-intensive and error-prone process of Policy Checking, Pasricha assembled a team of insurance professionals with expertise throughout the industry to build a digitally focused solution addressing this pain point. "Our founder assembled an elite group of engineers to tackle this issue, leveraging the latest in LLMs and GenAI", Stamets shares. "The result is BluePond’s Broker CoPilot system."

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What distinguishes BluePond AI from its competitors is its blend of advanced technology and an exceptionally experienced team. Each member of the leadership team has over 20 years of industry-specific experience, with high-ranking positions in globally recognized companies. "Our technology and our people set BluePond AI apart from the competition", says Stamets. Founder Pasricha’s extensive background includes senior leadership roles at Swiss Re and QBE, alongside multiple successful startups. This deep industry knowledge is complemented by BluePond AI’s cutting-edge technology. While LLMs and GenAI have only been available for the past 12-15 months, the BluePond AI team recognized immediately the value these innovations could provide and began harnessing the new technology to become one of the first to market. 

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"The pain points today for brokers are that they are checking every new business quote against applications or specifications manually. Until Broker CoPilot launched, checking policies manually has been the only method to complete this vital task", Stamets notes. This GenAI-led solution not only enhances operational efficiency but also significantly reduces costs for brokers by providing accurate, auditable policy checks backed by insurance professionals. 

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Success Stories and Impact

BluePond AI has already experienced positive momentum. At BTV Mania, an annual event where BTV partners and startups collaborate on the opportunities to partner with each other, the Broker CoPilot solution garnered interest from retail and wholesale brokers as well as carriers. "From our very first meeting to our last, we received great interest in the Broker CoPilot solution. Retail and wholesale brokers and their carrier counterparts were interested in our GenAI solutions and our service team", recalls Stamets. "We are in the midst of following up, teeing up opportunities for POC and investment discussions", Stamets adds.

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BluePond AI’s journey through the BTV accelerator has been pivotal. "BluePond AI joined the BTV accelerator because there is nothing like it in the industry. There's nowhere else a startup can gain access to some of the best insurance organizations in the U.S. – national retailers, wholesalers, and carriers", explains Stamets. "Given the overwhelmingly positive response we received at BTV Mania, the reality of BTV's value is proving to be greater than our initial hope and expectations", he adds.

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Get in Touch

For more information or to explore potential collaborations, visit BluePond AI’s website at bluepond.ai. You can also reach out directly to Pranav Pasricha, Founder and CEO or Rich Stamets, Chief Commercial Officer. Follow BluePond AI on LinkedIn.

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