Bdeo: improving claims for insurers and customers

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InsTech’s Ali Smedley caught up with Julio Pernía, CEO at Bdeo, to talk about why the company was founded, how fraudulent claims can be detected and case studies from their insurance clients. The discussion also covers areas that Bdeo is expanding into, including new use cases for property insurance.

What does Bdeo offer to insurers?

Bdeo has developed its ‘Visual Intelligence’ technology to automate underwriting and claims tasks in motor and home insurance. For claims, the insured can submit photographs and videos through a smartphone. Artificial intelligence is then used to analyse this visual evidence and provides the insurer with estimates about any damage, repair opportunities, costs and probability of fraud. Some insurers using our technology have seen up to 70% in operational cost savings. Using remote claims technology also reduces an insurer’s carbon footprint by avoiding unnecessary travel.

Why was the company founded?

Bdeo was founded in 2017 after we noticed the opportunity to help insurers improve the experience of their customers when getting a quote or making a claim. The insurance customer has changed; they are now more digital and are looking for more control over their insurance experience. For Bdeo, artificial intelligence was the key technology to innovate an insurer’s processes.

How do policyholders interact with Bdeo?

Our solution is “white labelled”, meaning it is provided under the insurer’s brand. We prepare and integrate our technology with the platforms of each client via an API. When the policyholder uses Bdeo’s technology, they do not know that they are no longer using their insurer’s website or technology.

What information do insurers receive through Bdeo’s offerings?

In the case of our motor products, insurers are currently able to manage the collection of visual evidence, damage analysis and recommendations on whether the damage should be supervised by an expert. Insurers are also provided with advice on repair or replacement of parts, cost estimates and fraud alerts.

For our home solution we are able to identify the cause of water damage. We provide insurers with insights that allow them to know which tradesperson should be sent to repair the damage, as well as the severity and cost of the damage.

How can Bdeo detect fraudulent claims?

Our visual evidence collection solution is geo-localised. This allows us to know if all images are being taken at the same location. In the case of motor insurance, our image analysis quickly indicates whether the vehicle being shown is the one covered by the policy.

What insurers is Bdeo working with?

We have clients all over the world. For Mutua Madrileña, one of our Spanish clients, we created a motor underwriting solution that reduced the process of getting a quote from 5 days to 6 minutes. In Latin America, we work with Zurich EC and Zurich MX. Since adopting Bdeo’s technology, Zurich MX’s policyholders can connect with a remote adjustor and complete a remote claims evaluation within 15 minutes of the case being assigned. Bdeo currently supports around 30% of its motor claims.

We work with Hollard in Africa, Folksam in Sweden and Orbis Seguros in Argentina.

To learn more about how Bdeo supports insurers with remote claims assessment, you can download our Property Remote Claims Assessment: the 40 Companies to Watch report - free to members.

Are there any areas that Bdeo is looking to expand into this year?

We are constantly working on improvements to our motor solution. Recently, we launched an add-on focused on deductibles for policy underwriting. We have also added new vehicle parts that can be detected with our artificial intelligence, allowing us to provide more detailed analysis on damage severity and repair costs.

In addition, we are adding new use cases to our property solution. We currently specialise in damage caused by damp, but we will soon have other new areas where we can support insurers, such as damage to glass. At the same time, we continue to focus on our global expansion. We already have more than 48 clients in over 20 countries. 

Why has Bdeo joined InsTech as a corporate member?

We are passionate about the insurance sector, and we are excited about the innovation it is experiencing. InsTech helps us stay updated on the industry and connects us with others in the insurtech ecosystem, which we find a lot of value in. We want to work with others to improve the customer insurance experience.

What companies is Bdeo looking to connect with and how should readers reach out?

We would like to work with any motor, fleet or home insurer looking to innovate, save costs and offer a better experience to their customers. Even if their strategy is in the process of being refined, we would love to talk to see how we can support each individual case. The best way to contact us is through our website, www.bdeo.io, or to reach out to me directly on LinkedIn.