Based out of Madrid, Bdeo caters to the insurance claims industry with video solutions for claims handling processes. Recently, the Spanish insurtech company raised €5M in a Series A round led by BlackFin, a European investment firm focused on financial services. Other existing investors including K Fund and Big Sur Ventures also participated in the round.
The company intends to use the funding to consolidate its position in the market and aims to become leaders in visual intelligence in the insurance sector by 2022.
Visual intelligence to the insurance industry
Founded by Julio Pernía Aznar, and Manuel Moreno, Bdeo provides visual intelligence and connects the expert with the mobile application, so that it can carry out the valuation of the damages in a few minutes and without the need for displacement.
“Our technology reduces the operational costs of insurers by up to 70% while radically improving the experience of policyholders, increasing their NPS by 20 points on average. As a result, in just three years, we have begun working with 30 insurance companies in 19 countries on three different continents,” says Julio Pernía, CEO and co-founder of Bdeo.
According to the company, it uses various technologies such as image recognition, augmented reality, geolocated video, and artificial intelligence, to make the claims process easy. It improves operational efficiency and offers a better customer experience. The Spanish company is focused on P&C and auto claims processes.
Operates in Europe and North America
Currently, Bdeo is working with 30 insurance companies in 19 countries in Europe and Latin America, offering its solution to the main insurance companies.
According to the K Fund, “Any inefficiencies that take place between an insurance company and a policyholder during the registration and claims processes end up translating into a bad experience for the latter. Users not only demand digital experiences, but they also want processes to be agile and easily understood. Not offering this type of experience has a direct impact on the policyholder’s perception of the service, which has a growing influence on whether or not a customer chooses or renews any particular service, including insurance.”
In November 2020, Bdeo was recognised by Fintech Global as one of the leading 100 companies in the InsurTech space for the second consecutive year. Headquartered in Madrid, Bdeo has an office in Mexico and is looking for the best talent to continue transforming the insurance industry.
Main image credits: Bdeo