Artificial Intelligence Company Bdeo Aims To Disrupt The Insurance Industry With A Comprehensive Visual Intelligence Solution

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Below is our recent interview with Julio Pernía Aznar, CEO and Co-founder at Bdeo:

Q: Could you provide our readers with a brief introduction to Bdeo?

A: Bdeo is an Artificial Intelligence company based in Spain and Mexico working for customers in 30 countries. The company’s mission is to disrupt the insurance industry with a comprehensive visual intelligence solution that evolves the way customers connect with insurance companies.

The insurance sector faces dramatic challenges: margins are falling because of the increase in expenses. Fraud is deeply affecting this net loss. Insurance fraud costs due to fraudulent claims account for more than $40bn a year only in the USA and it is difficult to detect using standard methods. On the other side, new customers, especially the youngest ones, are demanding a radically improved user experience.

So companies need help to solve these problems and offer instant, reliable and accurate user experiences for underwriting and claims processing. Bdeo and its AI solutions are a true game changer for that matter.

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Q: What are some of the real-world results enterprises can expect with your
solution?

A: Each challenge we are focused on tackling needs to have a real-world impact. We believe that there is no other possible way to prove we are adding real business value to insurance companies.

We offer companies the possibility to fully digitalize and automate underwriting and claim processes, which results in cost reduction and immediacy. For example, we have created the first fully automated, instant, and seamless underwriting process with Mutua Madrileña based on A. Results are fantastic; we are shortening the process from 5 days to 6 minutes and reducing operational costs by 80%.

We are also helping companies to radically improve customer experience and increase customer satisfaction. We are doing it by reducing the average claim-processing and minimizing friction time while improving the operational margins and reducing fraud.

Q: You’ve recently raised $5,000,000 in funding; can you tell us something
more?

A: Raising money implies a huge responsibility. We are very aware of it. But still we can’t avoid being extremely happy to have Blackfin on board, one of the most relevant Venture Capital Funds focused on the Insurtech and Fintech Industry.

This funding will allow us to consolidate our presence in the markets where we operate, expand to new markets which includes the UK and, above all, continue to develop a great product by hiring the best talents, which is our main focus now.

See the current job openings at Bdeo here.

Q: What’s the best thing about Bdeo that people might not know about?

A: Bdeo is building awesome technology that aims to solve real problems that affect real people’s lives. Digitizing the customer journey of the insured during the underwriting of a new policy or during the claim process improves the operating margins of the insurance companies but moreover, improves drastically the satisfaction of the insured and their user experience, becoming a tedious process into an easy, friendly and short one.

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Q: What is next on the roadmap for Bdeo?

A: Since the beginning, Bdeo is pursuing the objective of helping companies to speed up the underwriting and claims resolution with IA based technology. One of our main objectives for 2021 is to develop enhanced IA solutions that improve the current accuracy of our cost estimation models.

We are committed to deliver a stronger and more reliable tool for insurance companies to be able to fully automate claims with cost estimation for several use cases (compensation, reparation recommendation, etc).

We also believe there is a big opportunity in the property industry and we have already started to explore it. We are convinced that we can take real advantage of our expertise in the motor sector to deliver a solution for claims and property damages. The industry is demanding a digital claims management tool to reduce the average claim-processing time and costs in property so we are working to be the first ones to offer it.

The round has been leaded by Blackfin, one of the venture capital funds with wide experience.

Last Updated on December 27, 2020

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