BlueMind

Built for the insurance industry, BlueMind automates compliance processes, addresses CRM needs and provides a robust, integrated toolkit for financial advisors. For agents, the platform AI analyzes performance, makes recommendations and highlights areas for revenue growth. On the agency side, the AI provides insight into customer behavior and identifies anomalous or risky policy writing, allowing brokerages to proactively monitor their risk rather than respond to problems as they occur.

Platform is complete. Compliance is automated. Analytics, email integration, reporting and advisor toolkit are functional. AI algorithms are in development.

Currently we have 45+ advisors using the platform and 2 small brokerages. We are in talks with several larger firms about moving to our platform and are performing some customization work for them.

The platform can be used by individual agents or by large MGA's/brokerages.

USA
1.2 million individual advisors in the USA
415,000 brokerages and agencies

Canada
120,000 advisors
70% of them in Ontario and Quebec
60% of them are Insurance advisors, 30% Dual Licence and 10% Fee-based, and investment only

Global
3 million+ advisors 

There are several problems in the industry.
One, a lack of dedicated technology for advisors, brokerages and agencies, two, increasingly complex regulatory and compliance frameworks and lastly, a decentralized selling environment and the difficulty in managing business risk, a situation exacerbated by Covid.

1. Lack of dedicated technology - There is a lack of current, insurance focused technology for advisors in the industry. The tech available today are legacy systems, which are clunky and require many manual processes to functional. Many single use tools also have to be bought, such as projection tools and FNA calculators. Both the platforms and the tools are relatively expensive.

2. Complex Compliance - Pre-Covid, only 43% of advisors received a passing mark on first-round compliance audits. It is highly probable that the passing grade will be much lower in the current remote, work fr om home environment wh ere the risk of compliance fragmentation is much higher.

3. Decentralized selling environment and increased business risk - Agents have to manage themselves like a business, which means they need analytics, a support system and insight into their behaviors. This is harder in work from home environments.
Enterprises need to manage their agents. Even before Covid, risk management tended to be reactive, as they won't find out there is a problem with a policy until there is an audit or the problem crops up.

By integrating notes, financial tools and workflows, Bluemind reduces data management and automatically maintains compliance. Automating the compliance process reduces the risk to individual advisors and frees up time for the agents to produce real value for their clients and themselves. Its business analytics platform allows advisors to identify bottlenecks in their process, monitor goals in real time and gain insight into customer behavior.

On the enterprise side, our relationships with top insurance carriers allow BlueMind to deliver direct data feeds to brokerages. Transforming the raw data into actionable intelligence allows brokerages to monitor the risk of the business being underwritten by their agents.

Rather than react to a problems as they are discovered, brokerages can proactively monitor and address risky policies and anomalous underwriting throughout their entire book of business.

Direct Competitors
1. Salesforce

2. Equisoft

3. Zoho

4. Redtail

BlueMind's advantages are:

1. The system is built specifically for the insurance industry, not an existing system that has been adapted to try and fit another set of needs. The features and toolkit are integrated directly into the system, without having to purchase expensive add-ons. All-in-one tool that addresses advisor and agency needs, with no need to transfer data from system to system.

2. Automated compliance eliminates paperwork, reduces risk, data loss and helps advisor focus on building book of business

3. BlueMind is incredibly intuitive and user friendly, and can be used first day out of the box without having to learn complicated procedures or menu items.

4. BlueMind is a fraction of the cost of our competitors.

5. Direct insurance carrier data feed directly integrated into the system

Subscription based SaaS model, with discounts for annual sign up.

Currently a beginner license is valued at $20/mo/per license and Advanced at $40/mo/per license.

Further developing and refining AI system and gaining more users

Insurance Canada Technology Awards Finalist

AI and ML algorithm