AI-Powered All-in-One Digital Office for Financial Advisors

A 2021 ICTA nomination

Toronto, ON (Apr. 21, 2021) – BlueMind is an all-in-one smart digital office that helps advisors manage their business, from lead nurturing to policy execution. This technology can be utilized by individual advisors to manage their business or by larger enterprises to manage their employees.

Typically, insurance technologies are legacy systems and don’t fulfill all of the needs of the client cycle. Bolt-on solutions are purchased to fill gaps, which leads to more licenses, more trainings, higher costs and systems that don’t speak to each other, forcing the advisor to port data from one system to another.

As the insurance evolves and regulations are refined, compliance becomes ever more important. BlueMind automates the compliance process, automatically generating the necessary documentation to protect the advisor and their business.

BlueMind is a CRM platform, database and risk management tool, cutting costs and complexity by moving from many systems to one while protecting the backend of the business through clean data, simplified compliance and enhanced data security.

Client Relationship Management

As leads are entered into the system, a client profile is created. This profile acts as a centralized location for that client, so there is no porting of information from system to system. All notes, financial needs analyses, disclosures and all other documentation are housed and accessible via the client profile. The user interface is easy to read and intuitive, so the advisor has all of their client’s information in front of them. Communication reminders are automated based on client segmentation and life events.

An interactive client portal allows for real time note sharing and communications between client and advisor. Clients are also given visual representations of their financial position and policies. Policy documentation can be transferred and signed electronically.

Business Management

As the client moves through their journey, BlueMind’s AI is used to generate policy quote recommendations, providing an unbiased opinion to the client and enhancing trust. Policy data feeds directly from insurance agencies to update client profiles. The AI also generates and fulfills all necessary compliance documentation as the policy moves towards execution, saving the advisor several hours of work and providing an accessible audit trail. Compliance is an area where many advisors fall short, leaving themselves and the business vulnerable, a gap that BlueMind closes by minimizing the risk to the business. Further, the AI performs analytics on the business itself, highlighting areas of revenue optimization and providing real-time goal monitoring. Lastly, on the enterprise side, the AI performs advisor analysis, flagging anomalous policy writing and monitoring advisor underwriting behavior.

Data Management

BlueMind can import data from other CRM platforms. Data is housed in a state-of-the-art Google cloud platform on Canadian servers, so there is no speed compromise. Data is encrypted on both ends and in transit.

Benefits

BlueMind serves as a centralized database for client information. Client records, documentation and notes are all housed within a searchable customer profile, eliminating the need to transfer information between systems and reducing the time needed to access information.

BlueMind’s AI automates the compliance process. The compliance documentation required by law is updated and fulfilled automatically. The automated compliance saves the advisor time and protects the business by providing an accessible audit trail.

Generally, advisors have to spend an hour and a half on administrative work and compliance procedures per client. The AI behind BlueMind has enabled BlueMind users to reduce this time to 20 minutes, a time reduction of 450%.

The platform also performs business analytics, highlights revenue optimization opportunities and provides real time goal monitoring, giving the advisor both high-level perspective and granular details on their business.

BlueMind also replaces many necessary tools, reducing the number of licenses and office costs required to complete daily business.

About BlueMind

Powered by AI, BlueMind is an all-in-one smart digital office that helps advisors manage their business, from lead nurturing to policy execution. BlueMind was started by financial advisors who recognize the challenges faced by advisors in an increasingly digitized environment. It uses AI to automate compliance, handle unstructured data, generate policy recommendations, highlight revenue opportunities and perform advisor analytics. The application is a CRM platform, database and risk management tool, cutting costs and complexity by moving from many systems to one while protecting the backend of the business through clean data, simplified compliance and enhanced data security. For more information, visit https://bluemind.app.

Source: BlueMind