Digital Insurance Agenda

Bdeo: Visual Intelligence, the power to change the insurance sector

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Aug 26, 2022

When it comes to insurance, client-driven processes like a quote or a claim often take quite long and have many touchpoints: it may take days or weeks for an underwriting or claims process to be completed, which means a considerable time investment for the policyholder. And more importantly, it is a dissatisfier in a world where many services are digital and fast.

With Bdeo, insurers enable insurers’ policyholders to make claims and underwriting from their smartphones, in a matter of seconds and without making unnecessary trips, visits or calls. All thanks to Artificial Intelligence. 

Bdeo’s goal is to transform the insurance industry and the way insurers engage with their customers, helping insurance companies provide digital customers with a great experience. With its solutions, Bdeo enables an automated process that guides policyholders to take pictures and/ or videos with their smartphone after which the insurer receives them straight away, including conclusions for policy prices, the damage severity, repair costs and needs. All are based on AI of the visual evidence uploaded. This does not only lead to shorter times, but also less fraud and less unnecessary deployment of personnel. 

How does it work?

Bdeo develops Visual Intelligence technology, a specific type of Artificial Intelligence that helps to automate underwriting and claims management processes for motor and home insurance companies. Reducing underwriting and claims handling times thereby cutting costs, reducing management time and improving efficiency. Especially in times of crises like claims due to floods or storms, this also leads to higher client satisfaction.

AI engines analyse every pixel of the images and videos that the insured client sends, providing the insurer with invaluable information to help make the correct decision fast.  

Bdeo’s modular system, based on Visual Intelligence, adapts to the insurer’s needs and strategy, and may even accelerate the automation of the technology.

In the case of motor insurance, Bdeo’s technology allows for automated underwriting process, analysing fleet car damages and thus availability to new customers, and analysing damage, cost estimates and fraud prediction. Helping insurers to automate decisions and resolve claims.  In all cases, Bdeo is able to recognise those cases where the case can better go to an agent for human handling of the claim.   

In the case of home and property insurance, its technology guides the policyholder through the evidence collection process digitally and remotely, it analyses damage caused and facilitates the detection of origin and resolution. The technology also assesses whether a professional is needed to visit a home, reducing time and emissions when not needed.

Why did we invite Bdeo at DIA Munich 2022?

According to McKinsey & Company, Artificial Intelligence (AI) will help transform the insurance industry, including property and casualty (P&C) claims processing where the use of data-capture, sensors, and other technology is increasing. Bdeo leverages AI automation to enable insurers globally to accelerate vehicle damage claim processing. Using Bdeo Visual Intelligence, a policyholder can digitally submit First Notice of Loss (FNOL) images and video, and the Visual Intelligence quickly assesses the severity and repair costs associated with the claim and provides the insurer with automated analysis. 

Bdeo will return to DIA Munich 2022 to present how its solution works for home and motor insurance and how it adds value using some real client stories. They will emphasize how automation can add to human-to-human experiences and how its technology helps to determine which cases to automate and which to direct to agents.

Who is Bdeo?

Bdeo was founded in 2017 by Julio Pernía and Manuel Moreno, two entrepreneurs with experience in building B2B SaaS companies within the insurance industry. Today, Bdeo employs a team with offices in Spain, the UK, Germany, France and Mexico, with considerable expertise in the insurance sector.

The company currently works with 48 insurance companies in 20 countries and has offices in Spain, Mexico, the UK, France, Germany and Italy. Some of its top clients are Zurich, Mutua Madrileña, Admiral, Chubb, Generali, HDI, Reale, Mapfre, BBVA, Ageas, Hollard. Bdeo has raised 6.5 million euros in funding to date from leading venture capital funds such as: Venture Capital, Blackfin, K Fund and Big Sur Ventures. 

“The automotive industry as a whole benefits from improved operations in the insurance sector. With technology that results in remote assessment, insurers do not only save costs but also contribute to sustainability by reducing the CO2 emitted by this repetitive type of travel.”

Julio Pernía Aznar, co-founder and CEO Bdeo

As always, visit the Bdeo website to find out more!

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