Bdeo Company Profile

Background

Overview

Founded in 2017 by Julio Pernía and Manuel Moreno, Bdeo is a technology company specializing in Visual Intelligence—a proprietary form of artificial intelligence designed to optimize and automate processes within the insurance and fleet management industries. The company's mission is to empower insurance companies by providing tailored experiences that meet the evolving needs of their clients.

Industry Significance

Bdeo's innovative solutions have significantly impacted the insurance sector by streamlining claims processing and underwriting. By leveraging AI to perform remote, real-time assessments of motor vehicles and property damage, Bdeo has enabled insurers to process minor claims in minutes rather than days or weeks, thereby enhancing operational efficiency and customer satisfaction.

Key Strategic Focus

Core Objectives

Bdeo aims to transform the auto and home insurance sectors, as well as fleet management, through its Visual Intelligence solutions. The company focuses on minimizing friction between users and insurers, increasing user satisfaction, and reducing operational costs for companies.

Areas of Specialization

Motor Vehicle Insurance: Automating claims processing and underwriting through AI-driven damage assessments.

Home Insurance: Digitizing the first notice of loss (FNOL) and enabling detection and analysis of property damage.

Fleet Management: Optimizing vehicle condition assessments for leasing, subscription, car-sharing, and rental businesses.

Key Technologies Utilized

Bdeo's proprietary Visual Intelligence technology employs advanced computer vision and deep learning algorithms to analyze images and videos submitted by policyholders, facilitating remote assessments without the need for physical inspections.

Primary Markets Targeted

Bdeo operates in over 25 countries, with a strong presence in Europe and Latin America, including Spain, Portugal, Italy, France, the United Kingdom, Mexico, Colombia, and Argentina.

Financials and Funding

Funding History

Seed Round (2019): Raised €1 million from K Fund and Big Sur Ventures.

Series A (2020): Secured €5 million led by BlackFin, with participation from K Fund and Big Sur Ventures.

Additional Funding (2023): Obtained €7.5 million from investors including Armilar, Hollard, CDTI, Íope Ventures, K Fund, and BlackFin.

Total Funds Raised

As of 2023, Bdeo has raised a total of €14 million.

Utilization of Capital

The funds have been allocated to accelerate international expansion, enhance Visual Intelligence solutions, and cover new use cases within the insurance and fleet management sectors.

Pipeline Development

Key Developments

Home Insurance Solutions: Launched AI solutions for the home insurance industry to digitize the first notice of loss (FNOL) and enable detection and analysis of property damage.

Fleet Management Solutions: Introduced solutions to help fleet companies optimize time managing and evaluating large fleets of vehicles.

Milestones

2022: Processed over 1.5 million cases, doubling the amount from the previous year.

2023: Recognized as one of the InsurTech 100 by FinTech Global for the fourth consecutive year.

Technological Platform and Innovation

Proprietary Technologies

Bdeo's Visual Intelligence platform integrates advanced computer vision technologies with proprietary data and intelligence from third-party systems, enabling remote, real-time assessments of vehicle and property damage.

Significant Scientific Methods

The platform employs deep learning algorithms to analyze images and videos, identifying damage types, severity, and causes, which facilitates rapid and accurate claims processing.

Leadership Team

Julio Pernía: Co-founder and CEO, with extensive experience in building B2B SaaS companies within the insurance industry.

Manuel Moreno: Co-founder, bringing over a decade of experience in providing software solutions in the insurance sector.

Ruth Puente: Co-founder and COO, joined the team to help drive the company's mission and operations.

Competitor Profile

Market Insights and Dynamics

The insurtech market is experiencing rapid growth, driven by the need for digital transformation in the insurance industry. Companies are increasingly adopting AI and machine learning to enhance operational efficiency and customer experience.

Competitor Analysis

Bdeo's primary competitors include:

Applied Epic: Provides a comprehensive agency management system for property and casualty insurance.

EZLynx: Offers a cloud-based rating engine and management system for insurance agencies.

Duck Creek Policy: Delivers policy administration solutions for insurers.

Guidewire ClaimCenter: Provides a claims management system supporting various lines of insurance.

These competitors focus on different aspects of insurance technology, such as agency management, policy administration, and claims management, whereas Bdeo specializes in Visual Intelligence for claims assessment and underwriting.

Strategic Collaborations and Partnerships

Bdeo collaborates with over 50 insurers across more than 25 countries, including:

Spain: Reale, Mapfre, Generali

Portugal: Ageas, Fidelidade

Latin America: Zurich, Allianz, BBVA

South Africa: Hollard

These partnerships have been instrumental in expanding Bdeo's market presence and enhancing its solutions.

Operational Insights

Competitive Advantages

Technological Innovation: Proprietary Visual Intelligence platform that automates and optimizes claims processing and underwriting.

Market Penetration: Strong presence in Europe and Latin America, with significant market share in Spain.

Customer Satisfaction: Ability to process minor claims in minutes, enhancing the customer experience.

Strategic Opportunities and Future Directions

Expansion Plans

Bdeo plans to continue its international expansion, focusing on Europe and Latin America, and to develop its Visual Intelligence solutions to cover new use cases within the insurance and fleet management sectors.

Innovation Roadmap

The company aims to further enhance its AI capabilities, explore new applications for its technology, and strengthen its position as a leader in Visual Intelligence for the insurance industry.