Bdeo, a rapidly expanding InsurTech startup and a technology business that offers Visual Intelligence to the fleet and insurance industries, has received an extra €7.5 million to hasten its global expansion and solidify its position in Europe and Latin America.
The Center for the Development of Industrial Technology (CDTI), Armilar, Hollard, and Ope Ventures, a new investment platform established by Wayra and Telefónica Seguros, provided the fresh funding. K Fund and Blackfin, two previous investors, also took part in the investment.
InsurTech startup, Bdeo recently won the “Seal of Excellence” from the European Innovation Council, an honor that the European Commission only bestows upon 160 businesses annually, and as part of this new investment, grants were received from the Comunidad de Madrid and red.es.
Julio Perna, CEO of Bdeo, says, “Based on the impressive results we have achieved and our capital efficiency given the difficult times we’re living in, it is reassuring to receive this trust from investors.” It gives our staff a huge boost in confidence, and we are happy to keep cooperating closely with the insurance industry and meeting its demands and priorities as we always have.
The AI-driven Visual Intelligence solution from Bdeo, founded in 2017, remotely evaluates vehicle and home damage to speed up insurance claims and underwriting procedures. One of the main reasons for this additional investment was how simple it is to integrate Bdeo’s technology into insurer operations and how reliable the data it produces are. Another crucial element was the digital and agile experience Bdeo offers its users, since policyholders worldwide today anticipate an agile, remote, and immediate experience throughout the insurance process.
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Few solutions have the potential to be adopted broadly, even as insurers continue to explore new process automation technology to lower their loss ratios while raising customer satisfaction. The varied nature of the assets (such as vehicles and buildings) and the scenarios being examined, feeding a convoluted pipeline of external parties and systems, present significant issues, particularly for underwriting and claims. Bdeo has successfully developed a simple-to-integrate platform that combines cutting-edge computer vision technology with exclusive data and knowledge from other systems. According to Joo Dias, Principal at Armilar, “This ensures an immediate impact on the insurer’s bottom line, which has been recognized over time by Bdeo’s clients.
“At Wayra, we are excited to join forces with our partners at Telefónica Seguros to invest in Bdeo through Ope Ventures. Paloma Castellano, Director of Wayra Madrid, stated, “We believe in the disruptive potential of insurtech based on AI, which, as we know, is revolutionizing the business ecosystem and, in this case, will enable greater agility and efficiency throughout insurance operations, thus providing a better service to the end user.
More than 50 insurers are currently using Bdeo’s technology in over 25 different countries. In Latin America and Europe, the corporation is expanding its footprint, particularly in nations like Spain, Portugal, Italy, France, Nordic countries, the United Kingdom, Mexico, Colombia, and Argentina. Bdeo is honored to partner with world-class insurers including Hollard in South Africa and Reale, Mapfre, and Generali in Spain, Ageas, and Fidelidade in Portugal, as well as Allianz, BBVA, and Zurich in the Latin American market.
InsurTech startup Bdeo already oversees more than 50% of the underwriting for auto insurance in Spain and collaborates with eight of the top ten auto insurers. Bdeo intends to continue expanding its Visual Intelligence solutions to address new use cases in addition to quickening its global expansion.
