The Spanish Insurtech Bdeo has just completed an investment round of 5 million euros in Series A. The round was led by the European fund BlackFin, which specializes in fintech and insurtech and is supported by its current investors K Fund and Big Sur Ventures. As announced by the digital medium Cinco Días on its website.
The Spanish startup uses technology, blockchain, artificial intelligence (AI) and big data to ensure processes in the insurance sector and ensure customer satisfaction. It reduces the processing of insurance claims by 85 percent and offers traditional insurers greater dynamism thanks to the use of these technologies.
As stated by the company in a statement, The aim of this investment round is “Solidify the company’s positioning in the market it operates in and reach 2022 by being a leader in visual intelligence for the insurance industry. “
For her part, Gabrielle Thomas, Investment Director of BlackFin Tech, stated: “At BlackFin, we firmly believe in the company’s solution, in the adequacy between the product and the Bdeo market in a context where insurers are doing everything possible to reduce their operating costs and offer the best possible customer experience. We hope that this investment will bring our in-depth knowledge of Insurtech and the network of insurers we have built across Europe to the team, ”he said.
Bdeo is a Spanish startup that digitizes the interaction of insurance companies with the insured and offers a solution that ranges from the automatic subscription of contracts to the digitization of claims management and the automatic detection of claims. The company uses deep learning algorithms (deep learning) with images that have a real application on the market.
The company currently has offices in Spain and Mexico and has a broad portfolio of customers, including Mutua Madrileña, Zurich, Reale and BBVA Seguros in Mexico.
In this context, Julio Pernía, CEO and co-founder of Bdeo explains: “Our technology lowers insurers’ operating costs by up to 70 percent while radically improving the policyholder experience and increasing their NPS by an average of 20 points,” said the CEO.
BlackFin Capital Partners
Founded in 2009 by four fintech entrepreneurs. The French mutual fund invests and supports the development of financial services companies across Europe.
The three most important aspects for this mutual fund are on the one hand its vision and on the other hand its vision. the markets and competitors, how they position themselves, the differentiation of the company and thirdly; the metrics and traction of startups.
The main themes of the BlackFin Tech Fund relate to retail banking, payments, investment banking, wealth and asset management, insurance, insurance distribution and back office optimization. amongst other things.
The company currently employs investment professionals from Paris, Brussels and Frankfurt and supports entrepreneurs in developing differentiated technologies or software solutions that meet the requirements of large financial institutions (B2B), small businesses (B2SmallB) or consumers (B2C).
In just three years, a growing network of 37 venture partners supports the investment team in the acquisition and qualification of investment opportunities. They cover a wide range of European countries, from Spain to Norway, including Germany, Switzerland, Luxembourg and most of Western European countries.