Summary:

In this episode of Insurance Unplugged, Lisa Wardlaw interviews Pranav Pasaricha, the founder and CEO of BluePond.ai. They discuss Pranav's background in the insurance industry and his journey in creating technology, specifically machine learning-enabled technology, for insurance and reinsurance. They also explore the challenges in the insurance industry, such as fragmented customer experiences and slow technology adoption, and how BluePond.ai aims to address these challenges with its end-to-end solution. Pranav emphasizes the importance of providing frictionless and value-driven solutions to clients, and the need for vendors to have skin in the game. In this conversation, Lisa Wardlaw and Pranav discuss the importance of treating every dollar entrepreneurially, the unique business model of GEN.AI, and the role of AI in enabling decision-making. They also explore the concept of dynamic data exchange and the need for automation in the insurance industry. Pranav shares his thoughts on the hype around AI and provides a call to action for the industry to embrace true automation. The conversation concludes with a discussion on the speed and cost-effectiveness of implementing AI solutions.

Takeaways:

Pranav Pasaricha has almost 20 years of experience in the insurance industry and has worked across the globe.

BluePond.ai is a technology company that focuses on creating machine learning-enabled solutions for insurance and reinsurance.

The insurance industry faces challenges such as fragmented customer experiences and slow technology adoption.

BluePond.ai aims to address these challenges by providing an end-to-end solution that is frictionless and value-driven.

Pranav emphasizes the importance of vendors having skin in the game and guaranteeing results for their clients. Treat every dollar entrepreneurially, regardless of its size.

GEN.AI offers a unique business model that focuses on solving business problems and enabling decision-making.

Dynamic data exchange is crucial for true automation and unlocking value in the insurance industry.

The industry should shift its focus from digitization to automation.

AI is not a hype, but there are exaggerated promises surrounding it.

Implementing AI solutions can be faster and cheaper than expected.

Chapters:

00:00 Introduction and Background

03:23 Inception of BluePond.ai

07:41 Building an End-to-End Solution

10:27 The Importance of Frictionless and Value-Driven Solutions

13:05 Rethinking Insurance with Gen AI

22:53 Treating Every Dollar Entrepreneurially

25:21 Enabling Decision-Making through AI

29:24 Shifting Focus from Digitization to Automation

33:00 AI: Not a Hype, but Exaggerated Promises

38:43 Faster and Cheaper Implementation of AI Solutions

Sound Bites:

"I remember looking at you and you were kind of looking at me and I was like, wait, you're taking your level of thinking to like a whole nother visionary level."

"We talk about distribution, first of all, being the part of the value chain that was ignored for so long in this whole digitalization."

"We were going to build our own broker, but it's better that we build this as a tech company and sell this to all our, sell this to the broker."

"Like money is money no matter how big or how small, it's still actual money and to treat every dollar entrepreneurially as though it's your own."

"We're gonna actually come at this from solving a business problem for the business, and then we're going to get into a monetization split."

"What should true AI guided decision-making look like in today's world?"

Keywords:

insurance, technology, machine learning, BluePond.ai, challenges, solutions, end-to-end, frictionless, value-driven, skin in the game, entrepreneurship, business model, AI, decision-making, dynamic data exchange, automation, insurance industry