The Institutes RiskStream Collaborative has formed a strategic partnership with BluePond.
AI to address inefficiencies in risk data flow between agents, carriers, and reinsurers within the property and casualty insurance sector, launching a new solution powered by BluePond’s P&C CoPilot platform. This collaboration aims to enhance underwriting workflows through intelligent automation and multiparty data collaboration, with plans to expand into other insurance solution areas. The initiative seeks to eliminate manual data transfers and establish secure multiparty connections, thereby accelerating the P&C sector’s transition to more integrated operations for improved policyholder outcomes.
Patrick Schmid, Ph.
D., President of The Institutes RiskStream Collaborative, stated, “Our collaboration with BluePond.
AI is about more than just technology—it’s about reimagining how the insurance sector accesses and uses data. By enabling intelligent, multiparty data exchange, we’re driving faster, more informed underwriting decisions, improving interoperability, and creating more autonomous workflows within the underwriting process.”Despite technological advancements in automation, the insurance industry continues to rely on static formats such as PDFs and email for crucial information exchange. Many carriers and brokers have been hesitant to revamp their core systems to adopt standardized schemas.
Pranav Pasricha, CEO of BluePond.
AI, commented on this challenge, stating, “In the GenAI era, those barriers are quickly becoming irrelevant. Instead of forcing every player to re-platform, we’re using AI to bridge the gaps. With this approach, we can finally modernize how submissions, loss runs, reinsurance bordereaux, and other documents flow between stakeholders – without ripping out the systems they rely on.”Initially, the partnership will concentrate on three high-friction areas within underwriting data exchange: streamlining submissions and quote processing to accelerate agent-to-carrier workflows, speeding up risk evaluation and policy issuance; improving loss history and exposure data sharing to provide underwriters with comprehensive and timely data for enhanced risk selection and pricing accuracy; and utilizing automated extraction and analysis to derive underwriting insights from documents, identifying key risk factors for faster, data-driven decisions.
The solution leverages AI to transform documents into structured, interoperable data, laying a foundation for continuous learning, automated processing, and improved decision-making. This approach avoids the necessity of comprehensive IT system overhauls.
Further details regarding this partnership are scheduled to be announced at an event co-hosted by The Institutes RiskStream Collaborative and BluePond.
AI on Wednesday, October 15, at Mandalay Bay in Las Vegas, coinciding with the InsurTech Connect (ITC) conference.
The Institutes RiskStream Collaborative aims to establish an ecosystem within the risk management and insurance industry. This ecosystem uses emerging technology platforms to develop or leverage solutions that streamline data flow and verification in multiparty business processes. As a blockchain and emerging technology consortium, RiskStream seeks to help industry participants reduce operating costs, enhance efficiency through improved processes, and elevate the customer experience. The Institutes is a non-profit organization that educates, elevates, and connects professionals in risk management and insurance through its 20 affiliated business units.
BluePond.
AI provides high autonomy for complex P&C operations by utilizing Generative and Agentic AI. Its P&C CoPilot platform automates complex human tasks end-to-end across agencies, underwriting, claims, and reinsurance, reducing manual input and providing guided insights for expert decision-making. Founded by P&C insurance veterans, BluePond.
AI emphasizes its deep P&C expertise.
