NetVU + BluePond.AI Partnership Announcement – Simplifying Complex Processes

Lynn Albertson, Business Development Manager at NetVU, in an insightful conversation with Pranav Pasricha, CEO of BluePond.AI, discussing the transformative impact of BluePond.AI on insurance operations. Read more about their conversation below.

Pranav tell me about BluePond.AI.

BluePond.AI was founded with a vision to bring state-of-the-art GenAI technology and the best insurance talent to transform insurance operations. We aim to level the playing field for smaller agencies to be able to compete head-on with the largest of brokers, helping them reduce operations complexity and cost, enabling them to serve the most complex business with confidence, and improving customer engagement.

We are a team of 150 commercial insurance and GenAI specialists, with 15 of our senior team members each having 15+ years of experience in the commercial P&C insurance sector. We have won the trust of over 30 clients, including some of the largest players in the industry and many small agencies, and we continue to grow our client base, GenAI capabilities, and team size every day!

NetVU members share that they spend a ton of time on manual data entry and chasing down documents. What is BluePond.AI  doing to solve that?

BluePond.AI's Broker CoPilot leverages advanced GenAI to automate tedious processes, analyze and compare complex documents, and generate market insights. We combine GenAI expertise with deep P&C insurance knowledge to deliver high accuracy at a lightning-fast pace and ultra-competitive commercial rates, even for complex processes such as Policy Checking, Quote Comparison, Proposal Generation, and COI Issuance.

Beyond efficiency, how does this benefit an agency's producers?

Today, finding quality insurance talent is a challenge, costs are rising, and clients are asking for more. On the other hand, insurers are changing their appetite and policy language more frequently, and large national brokers and aggregators are building scale, putting a lot of pressure on smaller agency owners.

Against this backdrop, efficiency is just table stakes. We enable our agency clients with insurance expertise and process rigor to win and confidently serve the most complex commercial business. For example, with our Quote Comparison service, agencies can be confident quoting complex E&S business. Our Policy Checking is the most detailed in the industry and not only reduces E&O risks but can also be used as a valuable tool to review insurance coverage with clients and help improve engagement.

Let's talk about cost. What's the price tag for something like this? Certainly, we're looking at an arm and a leg situation.

No, not at all. On the contrary, by leveraging highly P&C insurance-trained GenAI, supervised by our expert team, we not only get high accuracy and incredible detail but also up to 70% lift in processing times. We deploy some of these savings in supervising GenAI with highly experienced staff. So net, we usually deliver 50%+ cost savings as compared to traditional outsourcers and VAs, even though our level of detail, committed accuracy, and service levels are much higher.

Let's say a NetVU member signs up today. How long before they're up and running? What does the onboarding process look like?

Immediately! For processes like Quote Comparison and Policy Checking, we have a self-service portal where an agency user can create an account and start submitting business right away. For other transactions like COIs, we suggest you contact our Customer Success Team. They can assist you in understanding your processes, setting up your AMS, and customizing your service. You can expect to get started within 24 to 48 hours. We do not impose any onboarding fees or minimum fees. Our approach is flexible, allowing us to accommodate your specific business processes and needs.

For NetVU members interested in learning more, what's the next step?

The best way to get started is to schedule a discovery call. By offering comprehensive training and ongoing support, we ensure that you get the most out of our services. Our team is dedicated to helping you navigate any challenges and maximize your efficiency and effectiveness. Don't hesitate to reach out with any questions or concerns, we're here to help every step of the way.

To read full blog - GenAI in insurance: What’s broken and what needs to change